Arzinger & Partners

Security Deposits

These deposits are a service that our clients can use mainly when transferring ownership of a real estate or when acquiring other property. In cases like this they need to make sure that the purchase (or other) price will be properly paid. They can get that certainty through a deposit agreement. In accordance with the agreement the purchasing party pays the purchase price (or its substantial part) to the security deposit. This money is not forwarded to the seller before all agreement points have been completed.

The money (purchase price) is deposited into the trust account (the account of the security deposit), registered with our law firm. Each client has got their own exclusive account. Thus, their money is managed separated from that of both the other clients and the law firm as well.

Management of the security deposit accounts at the law firm is provided for by an agreement entered into between the law firm and the bank. This agreement sets conditions (limitations) as to 1) what the authorised person can do with the money; and 2) for which purposes the deposited money can be used. The bank cannot use the money deposited there to cover its claims, the money cannot become subject of a distraint procedure or inheritance and cannot be used as collateral.

Unlike the services offered by notaries or banks, the option we offer is cheaper. What is more, the whole process of organizing the deposit is less formal, since the agreement can also be entered into from a distance. Also, the security deposit can be applied in cases the parties enter into non-standard agreements.

To sum up, the advantages of security deposits at our law firm are:

Representation in Disputes
Commercial Law
Civil Law
Real Estates
Labour Law
Public Bids
Investments Building Enterprises
Criminal Law
Foreigners’ Residence
Security Deposits