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Old 4th October 2012, 17:16   #1 (permalink)
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Does the practice of Escrow exist in Turkey?

By escrow I mean an account established under contractual provisions for the purpose of holding funds on behalf of some person until some condition is met.

If this exists, I think it can really serve a great purpose in many legal situations. For example, a setesi can ask all non payers to pay into such an account until any dispute is settled in court or an owner can fulfill his or her obligation to annual fees without actually paying an alledgedly illegal owner association. This can work in any situation where payment is expected but the person paying has concerns concerning how reasonable it may be to pay and wants a legal investigation made by a solicitor.

I would like to hear from others especially if you have had any previous experience with this abroad or in Turkey. Do you also consider this to be a feasible solution? Could it work? So far, I have had no luck in getting an answer to this question from any turkish bank. I think this is an important avenue to explore for us foreigners.
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Old 4th October 2012, 18:47   #2 (permalink)
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Re: Does the practice of Escrow exist in Turkey?

Deniz Bank certainly operated a similar system when İ purchased my house and İ feel sure they still do.
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