Letter of credit from Sberbank for individuals. Sberbank offers a bank letter of credit for secure mortgage transactions Letter of credit between individuals

The financial instrument with which secure payments are made between the parties to a transaction is called a letter of credit. Next, we propose to consider this issue in more detail.

What's happened?

The essence of a letter of credit is to eliminate the risk of non-fulfillment of the terms of the agreement between the parties. The credit institution where the agreement to receive the service is concluded acts as a guarantor to the seller in receiving money to his bank account, and the buyer is ensured that he receives ownership of the goods.

A letter of credit is a method that makes it possible to make payments as securely as possible under contracts for the sale of goods, products, and real estate between legal entities and individuals.

The features and purpose of a letter of credit are that the security of payments occurs within the framework of the conditions reflected in the application for its receipt. The bank does not take into account agreements between the buyer and seller. A credit institution works only with documents under a letter of credit, and not with agreements relating to purchase and sale.

Types of Letter of Credit

The credit institution has several options for financial instruments. Securing a transaction can occur under various conditions.

• Without acceptance, the seller accepts money after the sale has been completed.
• When concluding an irrevocable type, the buyer cannot revoke the letter of credit without the seller’s consent.

Decor

The document on receipt of a letter of credit states:

• number and date;
• type of contingent monetary obligation;
• the amount of funds and their purpose.

In addition, when registering a service, the deadline for submitting documents, the amount and payment process of the commission charged by the bank are established.

Term

The duration of the letter of credit is determined in the application for its receipt. For transactions involving the purchase of an apartment on a mortgage, the period for which the service can be provided cannot be more than 120 days. If the need arises, the period can be extended, but not more than 60 days. The extension of the term can be made only 1 time.

Letter of credit for purchasing real estate in Sberbank

The right decision for an individual when purchasing expensive valuables would be to issue a letter of credit from Sberbank. Transactions for the purchase of real estate, expensive equipment, and valuable antiques are usually accompanied by an advance payment.

A letter of credit is a conditional obligation of the bank to make, at the request of the client, payments to individuals and organizations at his expense within the amount and conditions that were agreed upon in advance.

 

A letter of credit is a transaction that is carried out between one or more financial institutions in a non-cash form. The basis for the operation is a specialized application, which is drawn up in the prescribed form and submitted by the buyer in favor of the supplier of the service or product. The parties involved can be only individuals, only legal entities, or both individuals and legal entities.

What is a letter of credit in simple terms? This is a very convenient form of interaction, which, however, is rarely used due to its complexity. A letter of credit is a form of payment that guarantees payment for the supplier and fulfillment of the terms of the contract for the buyer. After delivery of a product or provision of a service, the bank pays the seller its cost. The buyer, in turn, returns the funds to the bank, including interest.

The letter of credit form of payment can be used not only in domestic trade, but also in foreign trade. When applied in international trade, the procedure is governed by the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600, as amended 2007.

Very often, a letter of credit is compared with a bank guarantee and factoring, however, these concepts are similar only at first glance. Learn more about the letter of credit in the video below.

What is a letter of credit: features of banking services

The use of this form of payment began to develop in Soviet times. OJSC Bashkir Soda Company, which produces caustic soda and is on the verge of bankruptcy, switched to a letter of credit form of interaction with clients in order to still continue its activities.

Funds were credited only after the company provided the bank with documents confirming the fulfillment of the terms of the contract, which were carefully checked. In this example, it can be seen that the letter of credit provided certainty to both parties.

Calculation scheme

Participants in settlements:

• a bank client who uses the service of opening a letter of credit;
• the issuing bank or organization that undertakes the opening obligations;
• executing bank - the organization making payments;
• the individual or legal entity in whose favor the letter of credit was opened.

The letter of credit scheme is quite simple. It includes several mandatory steps:

1. At the initial stage, the buyer and seller enter into an agreement for the supply of products or provision of services.
2. The buyer contacts the bank, where he fills out an application to open a letter of credit. The application is drawn up in the prescribed form.
3. The issuing bank notifies the bank that services the seller about the opening in his name.
4. The executing bank, in turn, notifies the seller.
5. The seller delivers goods or provides services.
6. The seller notifies the executing bank that its obligations to the buyer have been fulfilled.
7. The executing bank makes payment in favor of the seller in the agreed amount.
8. The executing bank notifies the issuing bank of the payment to the seller.
9. The issuing bank, in turn, compensates the payment to the executing bank.
10. Payment documents are transferred to the buyer.
11. The buyer studies the documentation and signs an agreement to pay funds to the issuing bank.
12. Withdrawal of funds from the buyer's account and crediting them to the bank.

The service is provided by the issuing bank on the basis of an application, drawing up an agreement on form 0401063. This document guarantees the supplier that the product or service will be paid for within the agreed time frame. The buyer's funds may not be provided at the end of the algorithm; they may be deposited in advance.

Agreement: drafting, conditions, form

A well-drafted contract includes the following points:

• names of banks, cooperating organizations or full names and passport details of individuals;
• the amount of the letter of credit payment for the services or products provided;
• letter of credit form of payment - non-cash or the use of cash is not allowed;
• methods of notifying parties to the agreement;
• the period during which the contract is valid. During this period, the terms of the agreement between the buyer and the seller must be fulfilled, payment must be made, and all documents must be submitted;
• liability of the parties that will result from failure to fulfill obligations in accordance with this legislation.

The standard list of conditions indicated above may be supplemented with additions regarding the procedure for carrying out calculations. For example, not a full payment, but a share payment may be used. A letter of credit can be issued for payment to one individual or organization. However, the person through whose funds the payment will be made can be changed if this is specified in the contract - the possibility of acceptance.

Types of Letter of Credit

When using this form of mutual settlement, a very important point is the selection of the appropriate type of letter of credit. Any variety is opened by financial institutions, and the type is indicated in the agreement. The types are prescribed in the Regulations of the Central Bank of the Russian Federation:

• According to the type of settlements of financial organizations - covered and uncovered. In the first case, the issuing bank makes cash payments at the expense of its client’s funds in favor of the executor’s bank for the entire duration of the agreement. In the second, the transfer of funds from one financial organization to another is not carried out. At the same time, the executing bank has the opportunity to write off funds within the agreed amount, after which this is compensated by the issuing bank.
• If possible, recall - revocable and irrevocable. In the first case, the form of interaction can be changed or rejected without prior agreement with the opposite party, in the second - only with agreement.
• Confirmed or unconfirmed. In the first case, payments are possible without agreement with the issuing bank and receipt of funds from it.

Legal regulation

The letter of credit agreement is clearly regulated by this legislation of the Russian Federation and is drawn up according to the rules prescribed in the regulatory documents of the Central Bank of the Russian Federation in the event that the agreement is drawn up between domestic organizations or residents of the Russian Federation.

The following regulations must be taken into account:

• Articles of the Civil Code of the Russian Federation from 867 to 873, which regulate non-cash payments under a letter of credit;
• “Regulations on the implementation of non-cash transfers by individuals in the Russian Federation”, adopted by the Central Bank on April 1, 2003;
• “Regulations on non-cash payments” established by the Central Bank of Russia on October 3, 2012.

It is worth considering that the organization in whose favor the letter of credit payment is issued has the right to refuse this form of payment.

The process of selling real estate involves a certain sequence of actions:

• the buyer chooses the option he likes and makes an appointment with the seller
• At the meeting, all the details of the transaction are discussed - its cost, the nuances of the contract
• at the agreed time, the buyer gives the seller money, after which the property passes to the new owner
• the new owner undergoes the procedure for registering housing with the relevant authorities

But there are certain risks in such a transaction scheme, since you have to operate with large amounts of cash. To secure the procedure, this method is used.

What is a letter of credit when buying an apartment?

So, first, let's answer the question, what is a letter of credit when buying real estate? This is a special way of carrying out transactions for the purchase and sale of housing (houses, apartments), which is carried out by bank transfer with the involvement of a third controlling party in the transaction - a banking organization.

For a housing seller, the advantages of a letter of credit are:

• a guarantee of receiving funds from the client for the apartment in full
• confidence that the money will be in the account safe and sound

For the buyer, the advantages of this method are as follows:

• The bank personally monitors the accuracy of the transaction
• the client’s money will be transferred to the seller’s account only if he attaches all the required documents to the property and does not violate the terms of the letter of credit
• if for some underlying reason the transaction does not take place, then the capital will be returned to the buyer in full
• if the seller has not fulfilled at least one condition of the agreement, then the bank will not make payment

Irrevocable covered letter of credit for the purchase of an apartment

An irrevocable covered agreement is the most reliable type of transaction. He assumes that from the moment funds are placed in a letter of credit account with a bank, neither one nor the other party to the transaction will be able to revoke it.

And the money will be transferred to the addressee only after all the conditions of purchase and sale have been met, namely:

• the apartment will be registered in Rosreestr
• the seller will vacate the living space and deregister all persons living there

What is a letter of credit from a bank when buying an apartment?

A letter of credit from a bank when purchasing an apartment from a developer is also a mutually beneficial way to conclude a deal. In this case, an individual opens a kind of safe deposit box in a financial organization, into which he places all the funds needed to purchase an apartment under construction. At the same time, the developer will be able to gain access to these funds only after fulfilling his obligations - after completing all construction work and putting the apartment into operation to the consumer.

Letter of credit for the purchase of real estate - terms of the agreement

The conditions for executing this type of transaction are:

• an agreement is drawn up between the parties to the agreement, which indicates that the operation is carried out using the letter of credit method
• the buyer contacts the bank that services him and issues a letter of credit there
• the seller, in turn, opens a special account with the servicing bank, to which funds from the buyer’s account will then be transferred
• money will be available to the seller only in cases where the purchase and sale transaction is completed and all the documents necessary to prove it are provided to the bank

Letter of credit for purchasing real estate from Sberbank - cost

When purchasing real estate in the described way, individuals who are parties to the agreement will have to spend a little money, namely, pay the bank a fee for providing this type of service. The size of these costs depends on the cost of living space, as well as on the financial structure that individuals apply to.

For example, in the largest financial institution in the country, Sberbank, the service will cost:

• 0.2% of the total value of the real estate sold, but not less than 1,000 rubles and not more than 5,000 if the operation is carried out in the company itself
• when interacting with other financial structures - 0.3% with a limit of 1,500-10,000 rubles
• servicing the transaction itself will cost 2,000 rubles

During transactions, the largest bank of the Russian Federation regulates the relationship between the Seller and the Buyer, offering the two parties a Sberbank letter of credit for individuals.

Purpose of a letter of credit and its main features

This form of payment allows you to fulfill all the terms of the transaction and guarantees non-interference by outsiders.

The Seller and the Buyer, choosing a Sberbank letter of credit for individuals as payment, interact with each other according to the following principle:

• two parties sign an agreement, setting terms, payment amount and conditions;
• The buyer transfers the amount specified in the contract to the bank account;
• when all the terms of the contract are met (ownership of the object is registered, goods are shipped, work is completed, etc.), the Seller or Supplier receives money into his account. In this case, the payer is not the Buyer, but Sberbank.

Letter of credit from Sberbank for the purchase of real estate

The letter of credit form of payment is used not only by legal entities, but also by individuals. If you need to buy an apartment, you can contact the bank for guarantees. In this case, the financial and credit organization undertakes the obligation to transfer money to the Seller. If the transaction does not go through (the homeowner refuses to sell or does not fulfill the terms of the contract), the money will remain intact.

This form of financial settlement is common in mortgage lending, as well as in investment projects. A Sberbank letter of credit for individuals can be used by any citizen who wants to secure their transaction by transferring it under bank guarantees. It is permissible to place an order under a letter of credit, changing the conditions if necessary or breaking it into two or three stages.

Types of letters of credit depending on the nature of the transaction

Sberbank offers private clients, individuals, several types of letters of credit. The choice of one or another option is determined by the requirements of the transaction and its conditions. There are the following types of transactions:

• Direct, which, in turn, is divided into many (more than 10) subspecies. The buyer has the right to contact the issuing bank himself and receive secure support for his transaction without involving other parties.
• Irrevocable. The Bank guarantees the Seller the transfer of money, even if the Buyer revokes the transfer. The transaction may be cancelled, but the Seller must be present in person.
• Covered. The bank has the right to transfer the money to the Seller if all conditions are met, but the contract has not expired.

Advantages of completing a transaction for the sale of an apartment (house) through a letter of credit from Sberbank

It is worth using the bank's service when planning an expensive transaction. The advantages of letter of credit transactions are obvious:

• a non-cash form of payment is used, which guarantees the Buyer both the safety of funds and time savings;
• until all the conditions specified in the transaction contract are fulfilled, neither party will complete the process;
• The buyer is guaranteed a return on investment if the transaction does not go through;
• The seller is also guaranteed to receive the full amount upon completion of the transaction;
• if the object (car, real estate) is not registered on time, the Buyer receives money to his account;
• the cost of Sberbank services is low;
• both parties carry out the transaction not only safely, but also in the shortest possible time.

Tariffs and terms of letters of credit at Sberbank

A Sberbank letter of credit for individuals is calculated individually and depends on several conditions: the size of the transaction, borrowed funds, and the period of preservation of capital. Approximate calculation of tariffs:

• if the Buyer and Seller are located in the same territorial division of Sberbank, the service will be charged 0,2%, the following limits apply: from 1.5 to 5 thousand rubles;
• if clients are in different departments, Sberbank charges 0.3%, with the following limits in effect: from 1.5 to 10 thousand rubles;
• the institution charges 2 thousand rubles for servicing the transaction;
• if the parties decide to extend the services of the letter of credit, an additional 2 thousand rubles will be charged.

The procedure for issuing a letter of credit at Sberbank

Letters of credit for corporate clients and legal entities are more expensive: 0,5% or more (and the limits are within 2.5-15 thousand rubles.).
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To use the letter of credit service, you need to submit a special application to the bank. The application form is available on the official website. The application must be completed correctly, so it is best to use a sample. The form fields consist of the following items:

• information about the client who transfers money to the Sberbank account (about the Buyer);
• the amount of the letter of credit and the number of the current account where the funds are stored;
• identification data (BIC, details) of the department to which the letter of credit was transferred, and the Buyer’s current account;
• identification data (BIC, details) of the department where the letter of credit should be sent, and the Seller’s current account;
• type of letter of credit payment form: irrevocable or covered;
• purpose of payment and details;
• documents regulating payment;
• invoice number for submitting usage and service fees.

There is a package of documents that is mandatory for opening a letter of credit and transferring money after fulfilling all obligations under the agreement of the parties. For example, if you want to use a Sberbank letter of credit for individuals when buying or selling real estate, you must submit the following documents:

• original or notarized copy of the property purchase and sale agreement;
• list of property documents (certificate from the BTI is required);
• certificates of previous transactions, if any.

The letter of credit service allows you to make adjustments if during the transaction both parties were unable to agree, but wish to complete the transaction on new terms. In this case, a discrepancy statement will help, which is filled out by the Buyer (all the nuances are listed).

Sberbank letters of credit on video