Opening an Account for a Property Deal: How to Organize Everything—Tips

Opening a bank account for a property deal: clear steps 🏦

When buying or selling property, having the right bank account is essential to ensure funds are transferred securely and on time. Below you’ll find practical steps, required documents, and recommendations to avoid delays and reduce risk.

When do you need a separate account? ✅

• To receive an earnest deposit or final payment from the buyer.
• To hold funds until notarization or registration is complete.
• For international transfers (SWIFT) or currency conversions.
• When a representative acts on your behalf using a power of attorney.

Which account types work best

• Local currency current account (GEL) — convenient for local payments and lower local fees.
• Foreign currency account (USD/EUR) — convenient for cross‑border transfers; consider currency risk.
• Escrow/conditional account through a bank or notary — offers maximum security for both parties.

Typical documents you may need 📂

• Passport or national ID for buyer/seller.
• Tax identification number (if applicable).
• Proof of source of funds (bank statements, sale of other assets, contracts).
• Power of attorney for representatives opening accounts.
• Preliminary purchase agreement or agency contract.

Banks carry out anti‑money‑laundering checks; having documentation ready speeds up account opening.

Step‑by‑step process 🔁

1. Decide the account type: local, foreign currency or escrow.
2. Agree with the counterparty on timing, currency, who pays fees.
3. Contact the bank to confirm required documents and processing times.
4. Provide ID, tax number, proof of funds, and power of attorney if needed.
5. Sign any escrow or conditional agreements if using those services.
6. Obtain account details and confirm them with the counterparty or notary.
7. Make a small test transfer to verify details and fees.
8. Transfer the main amount according to the contract (after notarization or on the agreed day).

Practical tips for non‑residents and residents 🌍

• Non‑residents: check whether remote account opening is possible; banks may request additional proof of address or bank references.
• Residents: opening a local GEL account can be faster and cheaper for everyday transactions.
• Always check incoming/outgoing SWIFT fees and conversion charges in advance.
• Consider escrow or notary‑held funds for higher protection.

Verifications before sending money ⚠️

• Verify the account holder name and account number/IBAN exactly.
• Confirm details via a second channel (phone call to the bank or in person with the notary).
• Obtain a receipt and keep payment confirmations for the sale agreement.

Typical timing (guideline)

• Simple account opening: anywhere from a day to a week depending on the bank and documents.
• Escrow arrangements: may take longer due to legal steps.

Checklist before transfer ✔️

• Bank paperwork completed.
• Account details confirmed by two independent channels.
• Payment terms in the purchase agreement are clear.
• Fees and processing times accounted for.
• Copies of payment orders and confirmation documents saved.

Common mistakes and how to avoid them

• Sending a large sum without independent verification — always double‑check.
• Ignoring conversion and transfer fees — calculate them beforehand.
• Relying solely on verbal agreements — put escrow or written instructions in the contract.

Final note

Opening the right account and preparing documents in advance makes the financial side of a property transaction smooth and secure. If you need help choosing the best banking setup for a specific deal, our agents can advise and coordinate with banks and notaries.

If you want assistance with arranging payments or finding property, contact us for a consultation. Visit our search page to start: https://buyhome.ge/en/search or our homepage https://buyhome.ge/en