Grenada Appoints Escrow Agents To Closely Monitor Approved Real Estate Projects/
The CBI Unit has announced a tender for the appointment of escrow agents to strictly monitor and supervise approved real estate projects under the Citizenship by Investment program.
According to the Citizenship by Investment Regulation, a developer must open an escrow account with a licensed financial institution in Grenada. To facilitate this, an escrow agreement must be signed between the developer of the approved project and the committee.
For strict control and supervision of approved projects, the escrow agreement provides for the management of deposit accounts by escrow agents, which should facilitate the withdrawal of funds from the escrow account in accordance with the provisions and criteria set forth in the agreement.
The role and responsibility of escrow agents will be as follows:
Opening a separate escrow account for each escrow agreement in the name of the escrow agent.
Keeping all escrow funds for each approved project separate from any other funds or accounts held by the escrow agent.
Transferring monies and interests in the escrow account to the party entitled in accordance with the terms of the escrow agreement.
Issuing evidence of all transactions, including evidence of monies being deposited or other transactions of the party conducting the transaction and notifying the other party and the Committee in writing.
Only disbursing sums from the escrow account following a signed withdrawal notice from the Committee and in accordance with the escrow agreement.
Giving written reports regarding all monetary transactions and the balance on the escrow account to both developer and the Committee.
Closing the escrow account and notifying the parties. When the terms of the escrow agreement have been fulfilled and monies have been transferred from the escrow account or if the agreement is terminated.
Selected escrow agents must be included in the Register of Commission Agents of the Committee. The developer of the approved project and the Committee will jointly select a responsible depository from the registry to enter into escrow for the management of the escrow account approved by the project developer.
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