OREANDA-NEWS. On May 30, 2011 AMT BANK is launching new preferential tariffs for execution of mortgage transactions with the use of a documentary letter of credit (L/C) under the mortgage programme of banking lending. The fee for opening such an L/C is as low as 0.1% of the transaction amount (minimum fee is 1 000 rubles, maximum fee is 2 000 rubles), and all other fees under the L/C are cancelled, reported the press-centre of AMT BANK.

- Executing an L/C is easy enough; it secures safety of settlements. This is a reliable and customer-affordable way of concluding transactions as compared to safe deposit boxes, - says Irina Sidorova, Head of Documentary Transactions and Guarantees Department at AMT BANK.
Executing an L/C takes 1 business day. To open an L/C the customer should just show his/her identification document and real estate buy/sell agreement. Employees of the Bank will be happy to help the customer execute an L/C application.

The point of the service is that funds of the buyer are placed in a special account with the Bank to be further transferred to the seller if the terms and conditions of the L/C are met. The seller receives the money upon showing his/her documents under the L/C, which documents confirm the fact of transfer of property rights for the real estate to the buyer.

The term of the L/C is determined on the basis of the term of execution of the transfer of the property right for the real estate. If the terms and conditions of the L/C are not met by the seller, upon expiration of the L/C the money will be returned into the buyer’s account within one day.