Your Escrow Company
Why Trust Summit Accounting .Bz as your escrow company
safe and secure
An extremely important aspect of Escrow services is trusting that the escrow company is legitimate, that the funds will be held safely, and disbursed only when appropriate, and in a timely manner.
To start with, our services are guided by legal escrow service agreements which clearly specify the terms and conditions that must be met before disbursement of funds to the seller can be made.
To ensure that your funds are safe, our escrow accounts are held in trust in separate, special escrow bank accounts managed in compliance with strict internal and external controls.
Our Escrow Services
what we have to offer
Capital Raise/Private and Municipal Placements
Any professionally written prospectus or private placement memorandum will normally stipulate that all funds raised up until a minimum threshold be placed in escrow and held there until a pre-determined milestone is met. For example, if the minimum offering is not raised, or even the maximum depending on what the prospectus stipulates, all funds will be returned to the other investors.
Real Estate Transactions
When you buy or sell a property (e.g. home, land, condo, resort), your escrow or closing company will almost always open an escrow account. At the time of closing, and verification that all other specified terms and conditions have been met, the closer uses the funds in the escrow account to pay the seller.
International Transactions–Imports and Exports
The importer (buyer) sends the agreed purchase amount to the escrow service. After payment is verified, the exporter (seller) is instructed to ship the goods. Upon delivery, the buyer has a predetermined amount of time to inspect and accept the goods. Once accepted, the funds are released by the escrow service to the seller. Escrow is also much cheaper and faster than bank letters of credit.
Capital/Construction Projects
Placing funds in escrow for construction or large capital projects minimizes the risk that funds will run out before the project is completed or that funds will be used for other purposes or projects. The escrow agent takes care of making disbursements as project phases are completed and/or other specific conditions in the construction contract are met.
Our Fees (BZD)
(1 USD = 2 BZD)
Basic
$1000
$50,000 - $100,000 - Includes execution of escrow agreement: $500
- Minimum transaction value: $50,000
* accounts requiring more than 4 disbursements or extending over a year pay a small per transaction fee.
Standard
$2000
$100,001 - $250,000 - Includes execution of escrow agreement: $500
- Minimum transaction value: $100,001
* accounts requiring more than 4 disbursements or extending over a year pay a small per transaction fee.
Premium
$2500
$250,001 - $500,000 - Includes execution of escrow agreement: $500
- Minimum transaction value: $250,001
* accounts requiring more than 4 disbursements or extending over a year pay a small per transaction fee.
Enterprise
CALL
$500,001 and Over - EIncludes execution of escrow agreement: $500
- Minimum transaction value: $500,001
* accounts requiring more than 4 disbursements or extending over a year pay a small per transaction fee.
What is Escrow?
Escrow services allow both a seller and a buyer to protect a transaction, primarily against a loss of goods by the seller and money by the buyer, by placing payments in the hands of a trusted third party that collects, holds, and disburses funds until a set of specific terms and conditions are met according to the instructions of the seller and the buyer.
The funds are held in an escrow bank account for the benefit of the two other transacting parties until disbursed to the seller once all terms and conditions are met, or returned to the buyer should the sale or transaction fall through.
In an escrow agreement, the escrow service will not release the funds to the seller until the buyer has authorized it. In other words, the escrow service owes no obligation to the seller until the buyer has accepted the goods or acceptable delivery of the goods, and even that obligation is dependent on the buyer’s consent.
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We are here to help
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8:00am - 5:00pm
Sat
9:00am - 5:00pm
+501 600-1026
admin@belizeescrowservices.bz
