How to build a house and not lose money An escrow account is a special bank account where the client's money is kept until the construction is finished. This mechanism makes the financial relationship between the contractor and the client as safe as possible. The main advantages of building through trust: - a bank account is opened for free, no maintenance is required;.
- You can get a mortgage (including on preferential terms) or use birth capital.
- You can top up your account by transfers from any bank;.
- No need for cash for payments;.
- The contractor will receive funds only after the completion of all works;.
- If the builder did not meet his obligations, the customer has the right to return the money;.
- The account is not subject to seizure - even if there are fines, taxes or debts;.
- By using the trust you can get a tax deduction - both property and mortgage interest. More details on the website.