UK Money News
29th February 2008
Escrow accounts 'offer protection'
Britons thinking about investing in property overseas should endeavour to use an escrow account if they want greater security in their dealings.
That is the message from one industry figure, who says that the accounts - which mean funds are only released when certain criteria are met - can be a useful tool for property dealings outside the UK.
PropertyInvestment.co.uk chief executive Ewan McGarrie, who says there are currently good opportunities in the Polish market, explained how escrow accounts worked.
"What you should look at ideally, and this is something that not all developers have, is what's called an escrow account," he said.
"This is where your money is held independently from the developer and this is something all investors, especially the more cautious ones, should always seek.
"That’s where your deposit money is held – therefore if the developer goes bankrupt, your money will be protected."
Overseas investment has become a popular option for many Britons, either those looking for a holiday home or simply for a market to invest in - particularly given the rising cost of buying property in the UK.
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