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Le Groupe Lorelai est spécialisé dans le conseil en investissement immobilier et financier. Plus de 200 personnes à votre service dans tous les domaines qui touchent notre activité : Juristes, experts comptables, avocats fiscalistes, avocats spécialistes en droit de l’urbanisme, commerciaux, assistantes administratives et commerciales, architectes, maîtres d’oeuvre, responsables techniques, responsables financiers etc... L’ADN du groupe LORELAI est: Accompagner chaque client dans son projet en toute sécurité. Forts de plus de 25 années d’expérience dont une dizaine en Espagne, nous maîtrisons tous les aspects de votre projet tant en droit français qu’en droit espagnol.

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 Qu’est-ce qu’un compte séquestre ?

What is an escrow account?

When we want to carry out a financial or real estate transaction, we always wonder if the investor in front of us is serious, but especially if he has the necessary funds for his project.

Several methods have been developed to secure the payment of a transaction, such as the escrow account.
How to carry out a transaction through an escrow account?

Before investing, you need to take some precautions, but how to avoid all the risks when comes the time of the transaction and the payment? The escrow account is the solution that gives you 100% secure. It is a bank account managed by a third party. When a pre-transaction contract is made, it simply allows you to deposit a sum of money, block it and make it unavailable until the contract is concluded.
The escrow account is mainly used for a real estate transaction or any form of contract involving financial flows.

The escrow account is opened exclusively by banks or financial institutions on behalf of recognized professionals with a financial guarantee. The total sums deposited in escrow may in no case exceed the amount of the guarantee granted.
The bank holding the funds is responsible for the proper functioning of the escrow account.

In the case of the LORELAÏ group, the escrow account is opened with CAIXABANK. A contract for the management of the escrow account has been concluded between the bank and the LORELAÏ group to guarantee the financial flows into and out of the escrow account. A first financial guarantee granted by ALLIANZ ASSURANCES for an amount of SIX MILLION EURO guarantees any error committed on the incoming and outgoing flows. The guarantee covers exclusively the remitter for funds, he deposits up to ONE MILLION EURO. The second financial guarantee granted by AXA ASSURANCES directly covers the remitter’s risk of capital loss whatever the sums deposited.

The investor deposits the required amount into the escrow account. LORELAÏ ALOHA SL then makes sure to keep the sum until the transaction. On the day of the deed of sale or of the contract agreement, the buyer must pay the amount by asking LORELAÏ ALOHA SL to pay the money directly from the escrow account to the beneficiary party of the contract. This transfer is instantaneous, it avoids any fraud or unpaid. If the transaction or contract is not completed, the funds are transferred back to the investor’s original account (the funds cannot be transferred to another account than the one used to pay the escrow funds).

Before receiving the funds in escrow, LORELAI ALOHA SL will verify the origin of the funds in its capacity as an escrow agent approved by TRACFIN (French anti-money laundering agency) and by SEPBLAC (Spanish anti-money laundering agency). Once these formalities have been completed, the paying party will be in full compliance and cannot be worried or sought for the payments it has made. These formalities are simplified by the paying party presenting proof of the origin of the funds (Sale, inheritance, savings…). In no case, the information will be transmitted to TRACFIN or SEPBLAC.
Only a proven attempt at money laundering can be reported.
Finally, a statement of receipt of the funds is sent to the insurance companies to trigger the paying party, and then the funds are accepted into the escrow account. LORELAÏ ALOHA SL issues all necessary certificates to the parties for the successful completion of their transaction.

This method is very similar to the one used by a notary when selling real estate. When you want to buy a home, it ensures that you get the money back for the seller and that the purchase amount is secure for the buyer.

The advantages and disadvantages of the escrow account

The advantages

1. Security
This is the most important for the seller and the buyer in the transaction. The selling price is fixed in advance. Thus, the escrow account makes it possible to check first of all that the buyer has the sum requested and this reassures the seller enormously. LORELAÏ ALOHA SL is responsible for ensuring the receipt of the amount stipulated in the contract. In this way, the funds are secured, and everything is done by SEPA transfer, under the same principle as the basic bank transfer. There is no need to exchange a check that cannot be verified physically, or a cash amount.

2. Verification
LORELAÏ ALOHA SL verifies the identity of the parties, their capacity to commit and thus secures the transaction by providing its legal expertise and the financial guarantees related to its intervention.

3. Speed
The transfer from the investor to the escrow account is made within 24 and 48 hours. The transfer from the buyer’s escrow account to the seller’s is instantaneous to ensure that he is paid. Finally, if the seller wants to transfer his money to his personal account, the transfer will be made between 24 and 48 hours again.

Drawbacks

1. The role of the receiver
LORELAÏ ALOHA SL, in its capacity as a receiver, makes the funds unavailable until the effective conclusion of the transaction, or the contract, an agreement between the parties or a court decision allows the funds to be realized.


2. Scams
The escrow account provides 100% security for a transaction. LORELAÏ ALOHA will ensure the good progress of the transaction or the investment.
Fraudsters or scammers will be immediately detected. The parties to the contract will therefore be able to safely conclude their transaction.
. Spain is not the Eldorado of fraudsters. The LORELAÏ Group will not allow them to come to and carry out their illicit activity there.

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