Escrow

**Max** · 04-15-06, 01:40 PM

Hi,

Have any of you used Escrow for a large transaction?

I'm have sold a site of mine and we are going to be dealing through Escrow.

Aside from the obvious, what precautions should I take?

Cheers

Josie · 04-15-06, 01:49 PM

Hey, Max. I've never used them or known anyone who has, but in reading through their Terms of Use, paragraph 4 is a little ambiguous about whether or not selling a website is OK with them (domain names, yes, but websites ... I don't know, not being a lawyer). Here's the section (in bold) I'm talking about: (I'm probably being overcautious, but wanted to point it out to you to maybe ask the people at escrow.com about:

Prohibited Transactions. Users shall not utilize the Site or the Services in connection with any Transaction that is illegal or involves any illegal Items, or is for any illegal purpose; involves any obscene material; involves any munition or firearm; involves pirated software, DVD or videos or the Item(s) otherwise infringing copyrighted works; involves illegal drugs or controlled substances; involves real property or any interest in real property, the sale or transfer of liquor licenses, the sale of a business (bulk sale), the transfer of title to a business entity, fund or joint control escrows, mobile homes or manufactured homes or the refinancing of either, reservation deposits of any kind, or promissory notes, mortgages or deeds of trust. In addition, Escrow.Com, in it’s sole discretion, may refuse to complete any Transaction that we have reason to believe is unauthorized or made by someone other than you, may violate any law, rule or regulation, or if we have reasonable cause not to honor it. Each User agrees to indemnify and hold us harmless for losses resulting from any use or attempted use of the Services in violation of this Agreement

**Baby Boy** · 04-15-06, 11:39 PM

Only good escrow site I know of is Escrow.com --- I thought a couple time of starting my own escrow service but the dangers of it can be very high with the large volume transactions.

I'd say have an Escrow Agreement (or something like that) drawn up or a Promissory Note (if it'll even work in this predicament.)

Either way, best of luck

Super Mod · 04-16-06, 12:20 PM

I've never used escrow, but the reason people use escrow is to avoid problems. I would say that it's safe as long as the person is located in the United States, you've contacted them over the telephone, you have their address and have verified the name they've given you with the address with some sort of phone book service. If you've gone through all of those precautions then you should be good to go! I would really love it, though, if you would come back and tell us how the transaction went.

anne · 04-16-06, 03:04 PM

I've been the buyer in an escrow transaction in the UK but never a seller. It was a bit of a hassle, but everything went smoothly.

Spencer gave good advice. If you use a reputable escrow service then you should be fine.

Let us know how it works out.

**Baby Boy** · 04-16-06, 10:50 PM

On the topic of escrows... has anybody like me sort of thought of starting a related business.

**Max** · 04-17-06, 04:14 PM

Just to keep you updated, the transaction is going through today. I'm just waiting to hear from the buyer.

I found one thing strange: every time I called escrow or emailed support, I dealt with the same person! It's almost as if they have a 1 person support team.