In a long and close relationship with Law Office of T. Mark Halpern, who is highly experienced in international ship-sale and ship-finance transactions, we have opened many escrow accounts in international S&P deals for secondhand vessels. Typical escrow procedures we provide as escrow agent are as follows.
Traditionally, joint bank accounts were used to hold the Deposit portion of the Purchase Price in secondhand ship-sale transactions. However, it has become difficult or impossible to open joint bank accounts at many Japanese banks. As an alternative, we open and hold escrow accounts under our name to receive and release such Deposits.
Also, MT199 swift was used to remit the Balance portion and we were not involved in the step of remitting Balance normally. However, it also has become difficult to use MT199 swift for remittance at many intermediary banks. As a solution, we also open and hold escrow accounts under our name to receive and release such Balance.
We provide Buyers and Sellers escrow agent services with reasonable fees. The amount depends on the location of the bank branch where the escrow account is opened and where the closing meeting is held. For more details please feel free to contact us.