Trust, Escrow and Investment Accounts

ESCROW AND INVESTMENT TRUST ACCOUNTS
  • All Escrow and Investment Trust Accounts are non-speculative short-term bank accounts, held at one or more South African Registered Banks, earning short term market-related interest as guaranteed by such bank and referred to as an Interest Bearing Investment Trust Account.
  • All amounts of money held in an Interest Bearing Investment Trust Account are guaranteed by the Legal Practitioners Indemnity Insurance Fund, who deduct monthly from such account 5% (five percent) of the interest earned thereon, as insurance premium.
  • Crafford Inc. Attorneys is a FICA accountable institution and will provide IT3b certificates in respect of net interest accrued on such an Account.
  • An Escrow Account is an Interest Bearing Investment Trust Account, where funds are held in trust whilst two or more parties complete a transaction. This means a trusted third party such as Crafford Inc. will secure the funds in an Interest Bearing Investment Trust Account. The funds will be disbursed to the merchant after they have fulfilled the transaction, referred to as the Escrow Agreement.
  • Such Escrow Agreement can also be used for holding funds in trust whilst the parties complete a joint venture agreement involving a Merchant and a Funder, wherein capital and proceeds from any sales are paid into the Escrow Account and then distributed to the parties in accordance with the terms of such Escrow Agreement, and accounted for.
STANDARD ESCROW AGREEMENT
To instruct Crafford Inc. to compose a Standard Escrow Agreement and/or open and administrate an Escrow Account for a fee of R 11 500.00 (incl. VAT) plus a management and administration fee of 20% (twenty percent) of all interest earned on the Escrow Account, please register as a Client and accept our terms and conditions whereupon Crafford Inc will revert within 2 business days, for FICA and information purposes.

Fee of R 11 500.00 (incl. VAT)

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INVESTMENT TRUST ACCOUNT
An Investment Trust Account is a bank account wherein clients may hold funds in trust at Crafford Inc. for any lawful purpose. Such funds are held in an Interest Bearing Investment Trust Account and administered by Crafford Inc. upon your personal instruction only.

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TRUST ACCOUNT

All funds held in an Attorneys Trust Account is guaranteed by the Fidelity Fund. All interest earned on such account is paid to the Attorneys Fidelity Fund as an insurance premium. All bank charges are covered by the Attorneys Fidelity Fund.

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