An escrow is a contractual arrangement in which a neutral third party receives and disburses money for the primary transacting parties e.g., buyer and seller. The advantage of an escrow protects both parties by keeping the payment in a secure escrow account e.g., an attorney’s trust account, which is only released when all of the terms of an agreement are met as overseen by the neutral escrow attorney. The Escrow Attorney is NOT AN ATTORNEY FOR EITHER PARTY.
Escrows have been trending in the CBD oil and cryptocurrency industry. In such a large transaction, a certain number of obligations may need to be fulfilled before a payment is released. For example, testing the quality of the CBD oil so that it meets industry standards prior to purchase. We have handled such escrow arrangements to safely and securely complete the underlying transaction.
A typical escrow arrangement occurs as follows:
Everyone’s happy 🙂
If you require similar assistance with opening an escrow contact us today.
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