Escrow Completion Services is a standalone product from Jaffa & Co, an award winning law firm with offices in the UK and Monaco. It offers a bespoke solution to the most frequent point of contention during any negotiation for the sale and purchase of assets, namely: who will hold the monies and the documentation and take care of ancillary matters such as title registrations, at the moment of completion.
Built on a platform of many years of experience in facilitating, coordinating and advising on substantial asset transactions, Escrow Completion Services allows buyers, sellers and intermediaries to focus on the critical final stages of a transaction, safe in the knowledge that funds and documentation have been securely pre-positioned and will be released promptly when required.
Our Escrow Completion Services product is utilised by clients across a broad range of industries, from corporate transactions, commercial deals, the provision of healthcare assets, the sale of fine art and prestigious automobiles, to Superyachts and private aircraft.
We offer completion services in Euro, US Dollar and Sterling currencies. Other currencies are available on request.
The one thing our clients all have in common: peace of mind.
Deposits and completion funds are traditionally held in advance of closing by a brokerage house which also represents a party to the transaction at hand. This can lead to concerns from the opposite side as to whom the broker’s principal duty is owed when holding funds for the benefit of both parties.
Alternatively, the transacting parties may be dealing directly and simply require a neutral third party to ensure the deal makes it across the line swiftly and in an organized, professional manner.
The increasing burden of anti-money laundering and data protection regulation means that operating ringfenced client account facilities for escrow purposes is becoming increasingly challenging for non-specialists and unregulated entities.
As a result, transacting parties frequently and repeatedly instruct us for our Escrow Completion Services to streamline the process, provide peace of mind and free themselves of the regulatory burden associated with the handling of funds.
Escrow Completion Services is operated by Jaffa & Co, which is regulated by the UK Solicitors Regulation Authority with SRA number 652440.
The holding of funds on behalf of clients is subject to stringent professional and regulatory controls that are significantly more comprehensive than those traditionally associated with an unregulated client account.
Funds lodged with the Escrow Completion Service benefit from comprehensive protection. Not least, all funds are held in our designated, ringfenced and insured client account, operated by NatWest Bank Plc and controlled in accordance with the English Solicitors Regulation Authority and English Law Society requirements. Euro, Sterling and US Dollar accounts are available, with additional currencies being offered on request.
Escrow Completion Services’ straightforward and professional approach to transactions means that all parties can rest assured that the completion process will be seamless.
Buyers will be assured that their funds are held securely in advance of completion and will be readily accessible on terms they have negotiated with the Seller (typically by way of an Asset Purchase Agreement) should the sale not complete.
Sellers benefit from knowing that deposits are held securely from an early stage, providing the comfort to proceed with the transaction at hand. At completion, Sellers can be sure that funds are pre-positioned and will be released promptly, without the need for any third party involvement and strictly on the terms they have agreed with the Buyer.
Brokers appreciate the freeing up of resources that would otherwise be directed towards complying with an increased regulatory burden, leaving them free to focus on delivering the best possible service to their clients. Commission payments are ordinarily paid by us directly to the brokers, upon completion. An added advantage is that it distances brokers from any ongoing or protracted disputes that may require them to hold client monies indefinitely and pending the resolution of disagreements.
Lenders benefit from our extensive experience of working alongside industry-leading finance providers in facilitating transactions for borrowers at all levels of the market. The professionalism offered by our approach, and our status as a regulated entity, including the ability to offer full solicitor’s undertakings, is usually sufficient to satisfy any individual lender’s risk and/or compliance requirements.
Law firms are prohibited from providing banking services, which is a separate, regulated activity. In order to comply with our SRA regulatory requirements, Jaffa & Co will always render legal advice which is typically in the form of advising upon and drafting the closing documents, including Bills of Sale, Commercial Invoices, Protocols of Delivery and confirming the contractual completion process is being followed correctly.
Unique to the Escrow Completion Services product is the option to provide additional comfort in the form of Final Transactional Advice, which is provided jointly to both parties prior to completion. Our team of UK lawyers are able to review the transactional documents that have been prepared by the parties and their representatives to confirm they allow the transaction to complete, as intended.