How to Open an Account for a Deal: Timelines, Documents, Fees—Examples

What is a transaction (escrow) account and why use it? ✅

A transaction or escrow account is used to hold funds securely during a property sale. It protects both buyer and seller, ensures clear proof of payment for notarisation and registration, and can include conditional release rules agreed by both parties.

When you should consider opening one 🏡

• For property purchases where staged payments or guarantees are needed.
• When the notary or bank requires confirmed funds for registration.
• To separate deal funds from personal finances and reduce risks.

Documents you’ll typically need 📂

Banks often request the following items (requirements can vary):

• Passport or national ID (for foreigners, passport and any residence permit).
• The sales contract or preliminary agreement, if available.
• Proof of funds — bank statements or a letter confirming the source of funds.
• Notarised power of attorney if a representative opens the account.
• Contact details and sometimes proof of address.

Tip: check the specific checklist with the chosen bank in advance to avoid delays.

Step‑by‑step opening process (with examples) 🔎

1. Contact the bank or ask your agent to confirm the bank’s process.
2. Prepare and submit documents in branch or, if available, online.
3. The bank reviews and sets account conditions: blocking rules, release triggers and fees.
4. Funds are transferred under agreed terms and held until conditions are met.
5. Upon fulfilment (for instance, registration completion), funds are released to the seller.

Example A — local buyer: opens account in a Georgian bank, transfers funds from a personal account, provides contract to the bank and receives a payment confirmation for the notary.

Example B — foreign buyer: funds are sent from abroad; additional time may be needed for verification and correspondent bank processing.

Timelines: what to expect ⏳

• Opening an account and document checks usually take from a few business days up to a couple of weeks, depending on document completeness and KYC checks.
• International transfers can add extra days depending on correspondent banking and compliance checks.
• Always allow buffer time for notary appointments and registration deadlines.

Fees: what to watch for 💰

• Banks can charge a small fixed maintenance fee or a transaction fee; sometimes a modest percentage of the transferred amount may apply.
• Other costs to plan for: international transfer fees, notary fees, agent or legal fees, and registration charges — these are normally separate from the bank’s escrow fees.
• Ask for a full breakdown of fees before committing funds.

Practical tips and risk management ⚠️

• Compare fee structures and release conditions across banks.
• Request written confirmation of funds receipt for the notary.
• Use a lawyer or trusted agent to prepare powers of attorney and verify contract terms.
• Keep all receipts and transfer confirmations to resolve potential disputes faster.

Checklist before opening the account ✔️

• Passport/ID
• Sales or preliminary contract
• Proof of funds
• Notarised power of attorney (if applicable)
• Bank contact and agreed timelines

If you’re buying property in Georgia and need help opening a transaction account or choosing the safest payment scheme, BuyHome can assist with bank selection, documentation and coordination with notaries. Contact us for personalised support.

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