The Buyer and Seller will need to agree on the terms of sale and on which payments may be made.
The Buyer and Seller will need to submit the necessary KYC and FICA forms for an account to be opened in the name of the buyer.
Once the terms have been accepted by both parties, the buyer deposits the funds in a bank account in the name of the Buyer with Investec Bank Limited (under the Ravensberg Intermediary umbrella). Ravensberg will issue a signed letter of receipt to the Seller.
This Investec Corporate Cash Manager account allows transactions in a secure online environment and is a savings account within a high interest rate coupled with the functionality and convenience of a current account.
If the funds are being remitted from outside of South Africa, the same account can be used to receive the necessary funds.
Ravensberg has traded over R1.2 billion in foreign currency since inception that offers fast, reliable banking services, all in compliance with the relevant South African Exchange Control Board requirements, thus ensuring the easy flow of your funds in and out of SA, whilst beating most exchange rate conversions either into South African Rands (ZAR) or purchase of foreign currency for outward transfers.
Ravensberg will arrange the necessary approvals with the South African Exchange Control to ensure the inward funds can be cleared timeously and the buyer can repatriate future profits hassle free.
Upon written confirmation to Ravensberg by the Buyer and the Seller, pursuant to the agreement, Ravensberg will make payment into the nominated bank accounts.
The escrow funds are held in the name of the Buyer in a secure Investec Bank account. Ravensberg holds Professional Indemnity insurance with Lombard Insurance Company Limited against theft of the funds.
Unless the seller has delivered all the closing documents, they will not be paid, and the funds will be retained until delivery of the closing document or returned to the buyer. The seller will also have visibility that the funds have been remitted and cleared by the buyer.
You may add multiple parties to the deal such as an agent, consultant or other approved parties.
The transaction can be split into separate milestones. The seller can also drawdown varied amounts from the escrow account on the buyer’s approval.
All payments are done via EFT to a secure bank account. There is no handling of cash.
There are no charges for foreign exchange services. The escrow service will be billed at a rate of between 0.25% - 0.5% of the escrow amount, depending on the deal size.