Are you looking for the perfect way to secure your money when buying a property in Greece? The answer is the free of charge titlos escrow service from titlos.com.
With our absolute commitment to security and transparency, the titlos escrow free of charge service offers for the first time in Greece an escrow account that ensures that your transaction is protected from start to finish. By using our service, we guarantee that your financial transaction for your property will be completed safely and reliably. By choosing the titlos escrow service, you choose the sense of peace and security in one of the most important transactions of your life.
Trust us for a comfortable and safe property buying experience by choosing to activate the titlos escrow service on titlos.com for free!
What is it?
The term "escrow account" is encountered in various cases, depending on the field in which it is used. At titlos.com, it is a specific bank account owned by titlos.com, to which the funds of the agreed price of a property purchase are credited. It is the account to which the buyer deposits the money a few days before the signing of the property transfer contracts and which is used to disburse the purchase price of the property.
The titlos escrow account facilitates purchases in the following ways:
- Disbursement of Purchase Price: When the purchase is completed, the purchase price is disbursed from the titlos escrow fiduciary account that the buyer has activated. This is done by a bank transfer from the titlos escrow fiduciary account to the seller's account.
- Disbursement of Fees and Expenses: In addition to the price of the property, there are other costs associated with a property purchase, such as legal and brokerage fees, engineering fees, etc. The titlos escrow fiduciary account can be used to cover these fees and expenses to third parties.
- Transparency: The titlos escrow fiduciary account provides transparency in transactions. This helps the parties involved, such as buyers and sellers, as well as their representatives, to track the financial flow of each transaction.
The free of charge titlos escrow service plays an important role in the processing of financial transactions of a property purchase, ensuring the safe and timely transfer of money and the correct disbursement of the funds.
Why is it an essential service?
The use of the free titlos escrow service during the purchase of a property in Greece is the only means for the safe and transparent transfer of funds in order for it to be completed quickly, safely, transparently and successfully. If you decide not to use the titlos escrow service, you are taking on the following risks:
- Risk of Fraud or Malicious Activity: The transfer of large sums of money without the use of titlos escrow increases the risk of fraud or malicious activity, as it is more difficult to detect and prevent illegal or risky transactions.
- Inability to Track Financial Flow: The absence of a titlos escrow account makes it difficult to track the flow of money between the parties involved and creates uncertainty.
- Inadequate Security: The titlos escrow service provides a high level of security for transactions. As of January 1, 2024, the use of cash for property purchases in Greece is prohibited with the penalty of invalidity of the purchase contract!
How does it work?
The process of activating the free titlos escrow service is very simple:
- At any time, the buyer can activate the service by clicking on the "Use titlos escrow service" indicator and agreeing to the terms of use of the service.
- The buyer decides whether and which of his associates will be paid by the titlos escrow service and how much.
- When the financial flow is locked and all those who are to be paid by the titlos escrow service confirm the IBAN number of their bank account, titlos.com will ask the buyer to deposit the total amount of money into the titlos escrow account.
- The deposit of the final amount of the financial flow can be made:
- In person: By visiting a bank branch and making a deposit in person.
- Online: Through the e-banking service of your bank.
- The buyer confirms the deposit on titlos.com by uploading the proof of the financial transfer.
- After the signing of the purchase contracts and when the notary public marks the transaction completed on the titlos.com platform, titlos.com will then release the funds from the titlos escrow fiduciary account to all those who need to be paid, mainly to the seller.
When should I deposit my funds into titlos escrow?
The timing of when you should deposit your funds into the titlos escrow service for the completion of the purchase of your property depends on the specific circumstances and requirements of each transaction. However, there are certain steps that buyers typically follow:
- Before the purchase agreement: At least 4 business days before the agreed-upon date for signing the contracts with the notary public, the buyer must have deposited the funds required into the titlos escrow account. The titlos.com application is designed so that all the steps that are needed for the correct execution of this important step can be done easily and always with the support of the titlos.com team.
- Disbursement of funds after the completion of the sale: Immediately after the completion of the sale, that is with the signing of the contract, titlos.com will take the instruction from the buyer to disburse the funds to pay the seller and any other third parties who need to be paid through the titlos escrow service.
FOR THE BUYER
The use of the free titlos escrow service for the purchase of a property offers several advantages, and it is important for a buyer to be aware of the benefits associated with the use of this service:
- Security of transactions: The titlos escrow service provides a secure method of transferring funds as compared to simple bank payments. titlos.com supervises the transactions, protecting them from fraud and malicious activity.
- Easy tracking of funds: The titlos escrow account allows tracking of funds from both sides, the buyer and the seller, as the transactions are recorded and confirmed by the bank that titlos.com partners with. This provides transparency to all parties and allows the buyer and the seller to track the flow of funds: from the buyer to titlos escrow, before the completion of the purchase, and from titlos escrow to the seller, after the completion of the purchase.
- Ease of payment: Purchases with the titlos escrow service are easier. The stress and uncertainty of a large amount of payment, do not exist when the buyer uses the titlos escrow service. The buyer can make the payment quickly and easily through titlos.com and on the day of the contract signing, they can be sure that everything and everyone will be paid quickly and accurately.
- Ability to collaborate with professionals: The use of the titlos escrow service allows collaboration with professionals, such as lawyers, notaries and real estate agents, without the stress of paying them, as all your partners know that they will be paid on time, through the titlos escrow service.
FOR THE SELLER
For a seller of a property, the use of the free titlos escrow service for the sale offers significant benefits, such as security, ease and transparency. Here are some of the main advantages that a seller of a property should be aware of when using the titlos escrow service for the first time to sell their property through titlos.com:
- Security of transactions: The titlos escrow service provides security during the transactions, because the seller is assured that the funds exist, and will be immediately available after the completion of the sale.
- Funds Tracking: Transactions through titlos escrow are tracked and recorded in real time. This provides security and transparency to the seller.
- Quick transactions: Transactions can be completed quickly with the use of the titlos escrow service, as payments are made immediately after the completion of the purchase without delays.
- Ability to collaborate with professionals: Involved professionals, such as lawyers, notaries and real estate agents, can track financial transactions through titlos.com, knowing that their money for their services provided to the seller is available and will be promptly paid after the signing of the contracts.
FOR THE LAWYER
Every lawyer who deals with real estate purchases can advise their clients to use the free titlos escrow fiduciary account, as the benefits are significant:
- Security and protection: The most important advantage is mainly the security of transactions and protection from fraud.
- Ease and speed of transactions: The use of the titlos escrow service accelerates transactions and makes financial transfers easier.
- Transparency in financial transactions: The use of the titlos escrow service provides transparency, as all transactions are recorded and each party involved in the purchase has the ability to track them.
FOR THE REAL ESTATE AGENT
For a real estate agent, understanding the benefits associated with the use of the free titlos escrow service for the purchase or sale of a property is very important:
- Security of transactions: The security provided by the use of the titlos escrow service during transactions protects both the buyer and the seller from financial risks and disputes.
- Ease and speed of transactions: The ease and speed provided by the use of the titlos escrow service in transactions is of critical importance.
- Transparency in financial transactions: The transparency provided by the use of the titlos escrow service makes the transactions with all the stakeholders clear and thus can be tracked by each stakeholder easily and immediately.
FOR THE NOTARY
For a notary, the use of the free escrow account in real estate purchases can provide multiple benefits in terms of legality, security, and transparency. Some important advantages that a notary should know in order to persuade a client to use the titlos escrow service for the first time are as follows:
- Legality: It is important for your clients to know that the use of the titlos escrow service ensures that the transactions are in accordance with the legislation governing the purchase of a property.
- Security of transactions: The use of the escrow account provides security in transactions and protection from potential legal and financial difficulties, even fraud.
- Transparency in financial transactions: The use of the titlos escrow service provides transparency, as all transactions are recorded and can be tracked by each party involved in the purchase.
- Resolution of potential problems: The use of the titlos escrow service helps in the correct and quick resolution of any problems that may arise during the purchase.
