Escrow account actually is increasingly used, but becomes indispensable in international transactions (in fact, transactions can only take place with wire transfers) and / or where there is no mutual trust. The term escrow of Anglo-Saxon origin identifies a written agreement between two subjects by virtue of which sums of money or titles of property object of the contract are deposited with a third party as collateral, and then released to the fulfillment of certain conditions expressly established in the contract. The escrow agreement is by definition an ancillary agreement as it acts as guarantee to the main report (even if it does not necessarily have to be separated from it, it can also be included in the main contract). An example of operation escrow could be represented by the released deposit from 'buyer to Maritime Mediator of a certain sum of money on the appropriate account or deposit, specific current account used by Mediators Marittimi, Notary and Lawyers as guarantors, with the understanding (provided by the contract signed) that this sum will be transferred to the seller when he will hand it over to the OmbudsmanMaritime the property title (deed of sale or public Bill Of Sale) and documents related to boat ownership which will then be delivered to the buyer. Holders of escrow account: Maritime Brokers, Notaries and Lawyers. The cost of this transaction is usually 2% of the value of the transaction. Seadreams Brokerage Network, as a Maritime Mediator, has anescrow account that is already included in the price of the brokerage for its customers.
Parties involved in an escrow agreement:
DEPOSITANT: the person who deposits as collateral the amount established by the contract of sale / escrow agreement.
BENEFICIARY: he for the benefit and guarantee of which the deposit is made.
DEPOSITARY or ESCROW AGENT: third party and independent from the depositor and the beneficiary, who receives from the depositor as collateral the amount in the established procedures and the sale /escrow contract agreement to keep it and to deliver it to the beneficiary when a given condition is fulfilled (or return it to the same depositor otherwise).
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