What is an Escrow Account?
An escrow account in Turkey is a safety tool between a buyer and a seller. A third party (a bank or an escrow service provider) manages this account. The buyer pays but the funds are held in the account until the seller fulfills the conditions. So both parties are protected and the transaction goes smoothly.
Which Sectors Use Escrow in Turkey?
Escrow in Turkey is used in many sectors, real estate, international trade and high value transactions. In real estate, buyers and sellers use escrow accounts to make sure the payment is made only after the property is transferred. In international trade, escrow accounts secure the payment for goods or services until all conditions are met. Escrow accounts in Turkey are also used in legal settlements and mergers & acquisitions to make sure the funds are handled safely and according to agreements.
Is Escrow in Turkey Safe?
Yes, escrow in Turkey is generally safe. Escrow accounts are regulated by Turkish authorities and only licensed banks or authorized escrow service providers can manage them. The system holds the funds safely and transfers only based on the agreed conditions. But you should work with reputable and licensed providers to avoid fraud.
What are the Advantages of Escrow in Turkey?
Security: Both parties are protected since the funds are held in a third-party account.
Trust: Escrow account builds trust between the buyer and seller especially when they don’t know each other or are involved in a big transaction.
Dispute Resolution: If a dispute arises, the escrow provider can release the money according to the contract and resolve the issue.
How to Open an Escrow Account in Turkey?
To open an escrow account in Turkey you need to contact a licensed bank or authorized escrow service provider. The process is simple, you need to provide identification, sign a contract outlining the agreement conditions and deposit the payment to the account. Make sure to read the terms carefully and confirm the escrow provider is licensed and trustworthy.
Escrow account in Turkey is a safe and convenient way to manage big transactions especially in real estate. It protects both the buyer and the seller and transfers the funds only when all conditions are met. If you are going to make a big transaction in Turkey use escrow account to secure your money.
