Securus Escrow sees growing trend in need for European escrow services
Monday 18, April 2011
Securus Escrow Ltd, the independent service that handles escrow accounts on behalf of international aviation buyers and sellers, is experiencing a growing number of enquiries from the international business aviation market.
“We’ve seen a rise in demand covering a variety of aviation sectors including aircraft brokers, engine repairs, helicopter sales and even training schools,” said Geoff Gates, Managing Director.
Gates has identified seven key drivers that are propelling buyers and sellers towards using a European escrow agent. “As the market is stabilising, and finance from new, as well as existing areas, is becoming available, potential clients are understanding the need to transfer money in a safe and secure manner and this is where Securus can support a deal.”
Sympathetic time zones –More requests from the Middle East and Asian regions buying from Europe or the USA. “Having convenient banking hours is a major advantage, specifically for brokers who like to see the deal completed so they can earn their commission.”
Individual bank accounts – Securus holds monies in individual bank accounts, rather than co-mingling. “Buyers and sellers are wary of having their monies mixed with another deal’s finance, because should a deal collapse and monies have to be returned its much clearer returning funds from dedicated accounts
Multi currency accounts – Offering multi-currency accounts in Dollars, Sterling and Euros mean transactors rarely have to exchange money, making the whole deal less expensive. “This can save a significant sum when you’re dealing with large amounts,” says Gates.
Signed terms and conditions – The signing of agreed terms outlining both parties understanding of the escrow agent’s role means there is less room for dispute later should a deal falter. “This is rare amongst escrow agents yet is a major benefit should a deal end in a court case as there can be no doubting the original signed terms and agreement.”
The independent view – for those involved in an aircraft transaction it is good practice to have an independent service handling documents and cash transfers as this avoids conflicts of interest. “In many cases vendors and purchasers will have very little knowledge of the others business background, so having a third party handle the all important documents and funds is really valuable,” comments Gates on the independent status of Securus.
Selection process – selection of an escrow agent is agreed by the principals involved in the deal and will be affected by location, business practise and trust. “As a professional company, approved by at Triple A status bank, business’s know there is reduced risk working with Securus”.
Aviation focus – “It’s what we do,” says Gates who focuses solely on aviation related transactions. As the only European company to offer an exclusively aviation facing escrow service clients know they are dealing with a company that understands the intricacies of aviation transactions.
“The requirement for professional services during an aviation transaction is just one of the reasons for these trends. Securus is a validated business that can support a deal reaching across a variety of geographical regions. We aim to make the sale less complicated and reduce risks involved and that’s attractive when conducting an expensive and complex aviation transaction,” concludes Gates.
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