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Which Escrow Agent to Choose: Attorney, Notary, Bank, or Real Estate Agency?

Types of Escrow in Czechia

Escrow Agreement by an Attorney

Oftentimes, attorneys come up with a price for an entire package of services with regard to a property transfer. Complex legal services are the main benefit of having an attorney as your escrow agent. In addition to an escrow agreement, an attorney might check and/or draft your property purchase agreement and other paperwork. The main goal of an attorney is protecting their client’s interests. It’s nearly impossible to achieve such a level of legal protection with other types of escrows.

ATTORNEY ESCROW FEE

The Attorney Tariff doesn’t set any rules for an escrow fee.

Escrow Provided by a Notary

The number of notaries in Czechia is definite and each notary is appointed to their function by the state. Given the exclusivity of the profession, entrusting your money to a notary is highly secure. That said, don’t expect general legal advice on your case. A notary is a specialist in their area of law (inheritance law, authorisation of documents & legal acts) and won’t review your contracts as an attorney might do.

NOTARY ESCROW FEE

A notary has to calculate their escrow fee according to a specific legal act – the Notary Tariff. For an escrow up to 100,000 CZK, the fee would be 1.2%.

Escrow Agreement by a Bank

Banks as escrow agents provide exceptional escrow security, that’s without a doubt. The catch lies in the fact that banks usually insist on using their templates of contracts and agreements — and are rarely open to discussing their terms, let alone accepting changes. Adapting a contract to suit your needs might prove downright impossible.

BANK ESCROW FEE

Banks specify their escrow fees in their respective price lists.

Escrow Agreement by a Realtor

The rules a real estate agency has to follow are nowhere near as thorough as rules for attorneys and notaries. The compulsory insurance for realtors is lower. There are no rules for what happens in case a real estate agency ceases to be. And the rule of one escrow account for one transaction doesn’t apply. Therefore, a real estate agency might put multiple transactions from the same sender but merited in various contracts to one escrow account.

Given the weak rules, renowned realtors very often work closely with attorneys who take care of their clients’ escrows.

Don’t Be Cheap When Transferring Property Worth Millions

For most of us, buying or selling property means investment of our life time. That’s why it’s not a good idea to cut down on all the accompanying costs. Saving a few thousand Czech crowns is definitely not worth jeopardising millions. Choose a trustworthy person or company as your escrow agent and be sure your investment is in the most competent hands.

Entrust your money to us

Thank you for your inquiry! Here’s what will happen:

We’ll get in touch soon — the very next workday at the latest.

Our assistant will reach out to you.

  • Millions of CZK have passed through our escrow account and were delivered to their rightful owners. Safe and sound.
  • You always know what’s happening with your money — simply log in the client section on our web to make sure it’s where it should be.
  • We dutifully inform you about every step throughout the entire escrow process.
  • Forget the tedious paperwork — we administer all the documentation and communication.