Escrow trust means the seller (real estate or other property owner) and the buyer sign trust agreement between GCIT (trustee).The buyer deposits the funds into trust account according to the trust agreement and/or purchase agreement, and the seller transfers real estate ownership or trading object to buyer according to the trust agreement and/or purchase agreement. After the ownership transfer is completed by GCIT, GCIT will transfer the funds that buyer deposited into trust account to seller. This is how escrow trust ensures both seller and buyer’s rights and trading security.
Process
Step 1. The seller signs purchase agreement with buyer. Then, both of them sign trust agreement with GCIT.
Step 2. The buyer deposits the funds into trust account according to the relative rules of the trust agreement.
Step 3. The seller or GCIT transfer ownership and documents to buyer.
Step 4. After the ownership transfer is completed, GCIT will transfer the funds to the owner or the appointed person.
Advantages
- Increasing trade security and establishing reliability between the seller and the buyer.
- It is a comprehensive solution to ensure seller receive the funds and buyer get the ownership.
- GCIT as trustee will supervise the transaction process of ownership in order to avoid any trade risk during process.
No matter what problems there are: when the buyer worries about that developer could not complete construction or developer wants to increase the confidence of co-construction landowners and buyers etc. Our “Escrow trust service” is the best solution for all of them.