The lawyer’s escrow service is governed by the resolution of the Board of the Hungarian Bar Association. The lawyer or law office (escrower) acts as an independent third party that takes money or other valuables into custody, which are the subject of a certain contractual relationship – such as purchase or sale of real estate – until the time of the fulfillment of the agreement. Thus the escrow allows planning your transaction without any fear if you are not sure that the counter-party properly fulfills the contract.
Money or valuables put in the lawyer’s escrow will only be paid upon the fulfillment of the respective consideration.
If the obligation of the counter-party is not fulfilled, the money is returned by the lawyer to the party that deposited it into the escrow. This procedure therefore increases the confidence and trust of the parties in the contractual relationship.
Our lawyer’s escrow services include:
- Prepared detailed written escrow agreement;
- Special dedicated bank accounts and safekeeping in bank vaults;
- Insurance of the lawyer;
- We provide services in Hungarian and English.
The lawyer’s escrow service is mainly used for depositing money or documents in connection with:
- Sale, purchase or donation of real estate;
- Settlement of marital property;
- Settlement of shares in common ownership;
- As part of business relationships;
- Escrow of important family or business documents, securities;
- Protection of money against another person;
- Protection of money against theft;
- Protection of money for the case of death;
- Protection of money for other reasons.