Escrow Agent Service

What is Escrow Service?

Escrow is a business contractual arrangement whereby an asset or money is held by an independent third party (i.e.: escrow agent) on behalf of two other parties or more who are in the process of making a deal. The escrow agent has to make sure that all terms and conditions are met before any releasing of funds and transferring of assets to the intended party(s).

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Benefits of appointing PBTSB as Escrow Agent

1
To protect the wellbeing of all parties involved as stated in the escrow agreement
2
Facilitate settlements and project financing through an escrow account
3
Parties involved will be comfortable to submit funds, deeds and other items for the business arrangement as PBTSB is a bank-backed Trustee with strong corporate governance and high compliance to the laws and regulations
4
The escrow agent to carry out duties and responsibilities to make sure all conditions as stated in the escrow agreement are met
5
Securely and transparently holds all upfront funds and deposits in custody as an impartial third party until all predefined conditions between the parties have been fulfilled
6
Timely, flexible and independent service by PBTSB to allow a peace of mind for the parties involved

Workflow

How Does Escrow Agent Service Works?

  1. A deal was established between the buyer and supplier.
  2. Money was paid to an escrow account held by an escrow agent (i.e.: PB Trustee Services Berhad).
  3. The escrow agent to send a payment notice to the supplier to notify the supplier on the receipt of funds in the escrow account.
  4. Supplier will then ship the product to the buyer. 
  5. Upon the buyer confirmed the receipt of goods and quality of goods, then the buyer will notify the escrow agent.
  6. The escrow agent releases the funds from the escrow account to the supplier upon written instruction being given by both buyer and supplier.

Further Information

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