Purchasing a vacation home has long been the dream for many people and the rationale behind buying into a shared ownership project is often seen as the ideal solution.

Buyers today are naturally risk averse, so developers need to provide reassurance that if they are selling off plan or during construction, all funds will be held in an escrow bank account until the property has been delivered. An escrow is a contractual agreement where money is received on behalf of third parties, e.g. the property buyer, and distributed, subject to the terms and conditions of an escrow agreement.

As an independent and trusted third party, CCTL can assist developers by providing specialist support and advice, including the set up and administration of escrow accounts. Purchase monies will be received, held and disbursed by CCTL only once relevant conditions have been fulfilled. Should these conditions not be met CCTL can refund monies paid to the purchasers.

Benefits of utilising CCTL's escrow services:

Protection against fraud by providing high levels of security to consumers, developers, sales and management companies and other third parties

Ensures agreements are in place before funds are distributed

Reliable and prompt distribution of funds

Lends credibility to any sales process

Increases consumer confidence

Increases consumer confidence