Escrow Procedure
This information is being provided in order to inform you about some of the aspects of escrow, including a clarification of the role of the escrow holder and knowledge that will help you through the escrow process.
Situations that we handle:
Both parties (seller and buyer) agree to terms of the transaction, which includes a description of the vehicle, sale price, number of days for the Buyer's inspection, and any shipping information. The funds of the buyer are transferred to the escrow account but the seller will NOT be paid until the end of the entire transaction.
ESCROW-SHIPPING in 5 Easy Steps:
1
After you (buyer) agree to terms, the transaction is started and the vehicle is picked up from the seller or brought to us by the seller.
2
We always conduct a full pre-buy inspection of the vehicle at one of our partner services. Both (buyer and seller) are informed about inspection results.
3
If the vehicle is accepted by the buyer, the buyer must send funds to our company. We will deposit the funds into the escrow account. Once funds are cleared, we start the shipping process. We have our own shipping company so the delays are as minimum as possible.
4
The buyer receives the vehicle and he gives his final accept for his transaction. The buyer takes the vehicle in his custody and all necessary papers are completed. Our company takes full responsibility for the inspection results so if the vehicle is not as it was described then buyer has the right to refuse the transaction and get a refund of his money.
5
After the buyer signs the final contract, the funds from the escrow account are transferred to the seller. The seller will receive the amount transferred by the buyer from which we will deduct the tax for the services used during the transaction.