The Transaction account is a service that reduces the risks for buying and selling s. The amount of money transferred by the buyer for goods or property is paid to the seller only when both parties have submitted all the contractual documents of the Transaction account to Nordea Bank.
- There is no limit on the amount.
- None of the counterparties can access the funds until all documents have been prepared and submitted to the bank.
- If during the duration of the agreement the is not concluded, for instance, all the required documents are not submitted to the bank, the amount paid to the Transaction account is refunded to the buyer.
The Transaction account can be opened at any Nordea Customer Service Unit.
To open an Transaction account:
- One of the parties involved in the must have an open account in Nordea Bank or must open a current account in Nordea Bank.
- Present a passport or identity card of the authorized signatory.
Before the Transaction account is opened the buyer and the seller mutually agree on:
- Supporting documents of fulfilment.
- Documents submission dates.
- Purchase amount and payment procedure.
- Commission payment procedure (to be paid by one of the parties involved in the or jointly, with each party paying half).
Before the opening of the Transaction account we offer a consultation with the expert from Nordea bank expert on procurement of the necessary documents to facilitate the execution process.
Opening of the Transaction account
- Agreement on Transaction account opening is signed between the buyer, the seller and Nordea Bank.
- An account is opened and the buyer deposits the appropriate amount of money for the goods or property.
- The seller prepares the documents in accordance with the signed Transaction account agreement and submits to Nordea Bank.
- When all necessary documents are submitted and they comply with the concluded agreement, the seller receives the money and the buyer receives the originals of the documents such as the land register certificate attesting the buyer’s property rights.