Escrows

Secure your company’s interests by ensuring trouble-free and secure transactions.

Overview

An escrow account is created wherein funds, securities, evidences of titles to properties and other documents are deposited with the escrow agent acting as the neutral party between at least two parties. Typical of an escrow agreement would be on sale and purchase of real properties or shares of stocks of a company where the parties are the buyer and seller, real estate developer where escrow account is required by the DHSUD, and initial public offering where shares of stockholders are held in escrow within a prescribed period before and after listing of the issue.

Benefits of appointing an Escrow Agent:

  • Prudent safekeeping of the escrowed funds and/or documents.
  • Customized agreement is provided where the terms and conditions as agreed between the two parties are appropriately laid out, ensuring that interests and rights of both parties are protected.
  • Professional administration by the escrow agent ensuring that the escrowed funds and/or documents are released to the designated party upon satisfaction of the terms and conditions of the agreement.
  • Peace of mind for parties as the escrow agent is ready to assist at any stage of the transaction.

Overview

Minimum Escrow Amount PHP5,000,000
Turn Around Time 3 banking days*

*For the drafting of the escrow agreement in line with the deed of sale and other documentary requirements and the preparation of account opening documents

Types of Escrows

 

Sale of Real Estate and Shares of Stock

Pending the sale of real estate or shares of stock, we will holed on to the purchase price until the sale is registered.

Listing of Securities with the PSE

Our team can set-up an escrow agreement prescribed by the PSE for companies who want to list securities on the exchange.

Sales by Real Estate Developers

Any proceeds of sales made in compliance with the Socialized Housing requirement of HLURB will be deposited in the escrow account.

Benefits

 

Professional and prudent asset administration, custody of escrow properties, and investment management.

Protection of the parties’ interest and funds by strict compliance to the terms and conditions to the agreement.

Assured compliance with the different regulatory bodies(i.e HLURB, PSE, among others)

Efficient liquidity and timely remittance of amounts withdrawn from the account.

Documents Required

From the Client From SBC Trust
  • Individual Client
  1. Government Issued IDs
  2. Notarized special power of attorney (if necessary)
  • Corporate Client
  1. Articles of incorporation/partnership
  2. Current GIS
  3. SEC Registration
  4. Secretary’s certificate/board resolution
  5. Government issued IDs of authorized signatories
  1. Escrow agreement
  2. Universal specimen signature card
  3. account opening forms
  4. Risk disclosure statement
List of Valid IDs
PRIMARY ID SECONDARY ID
ACR / ICR Barangay Certification
Digitized Persons with Disabilities (PWD) ID City Health Card / Health Certificate Card
Driver’s License Company ID – Shall be classified as Primary ID for Security Bank employees and subsidiaries
GSIS e-Card DSWD Certification
Integrated Bar of the Philippines GOCC ID [e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)]
Maritime Industry Authority (MARINA) ID NBI Clearance
NCDA ID OFW ID
Passport OWWA ID
Philippine Identification (PhilID) Card Pag-IBIG Loyalty Card
Postal ID (PVC Plastic Card) Digitized/PVC PhilHealth Insurance Card ng Bayan (PHICB)
PRC ID Police Clearance
School ID Postal ID (Paper-based card
Senior Citizen Card Seaman’s Book
Special Resident Retiree’s Visa (SRRV) ID  Solo Parent ID
SSS Card Tax Identification Number (TIN)
Unified Multi-Purpose ID  
Voter’s ID  

Additional identifications (IDs) or documents may be required by our branch based on the interview and the type of account to be opened. The Bank reserves the right to decline account opening request based on its evaluations.

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