What is Escrow Service?

Ive heard about this service and a lot of people is using it. Can I know what is this?

sazzy Asked on September 29, 2015 in Business.
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Escrow service is among the list of services provided through Escrow.com. As the provider of an electronic marketplace for traders to buy and sell products and services for the market, Escrow.com offers a wide range of value-added services which provide better convenience and efficiency to our members. As such, our escrow services are designed with our customers in mind and to provide better and more effective options in order for you to bridge better contracts and trading transactions.

The escrow service is offered where we enter into an agreement between the seller and the buyer. This is an important and integral part of any transactions where trust is vital. As the independent service provider, Escrow.com acts as the broker for holding the funds for the seller. Where this is concerned, they will be monitoring any agreement entered between a seller and a buyer where the funds will be disbursed only when the terms of the contract are met.

This is an important part of any transaction as it is a mechanism that protects both the seller and the buyer of a particular deal. When a deal is reached, payment terms will be decided by both parties and when an escrow is required, Escrow.com will be engaged. They take to great lengths to ensure the integrity of the contract by ensuring that both parties have agreed to prior to the engagement. When the transaction is in effect, they will only release the funds when both parties have agreed and signed-off that the requirements from both sides have been met to avoid any disputes. In the event of any disputes, Escrow.com will be the arbitrator to ensure that all issues are resolved before the next course of action is taken, which is in the releasing of funds and concluding the transaction.

james Answered on September 29, 2015.
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