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.
|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.
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Efficient liquidity and timely remittance of amounts withdrawn from the account.
|From the Client||From SBC Trust|
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|
|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|
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.