What Is An Escrow Account?

The dictionary definition of Escrow Account is "Money held by an independent third party until the conditions of an agreement are met".

The dictionary definition of Escrow Account is "Money held by an independent third party until the conditions of an agreement are met".

For instance, pending the completion of a purchase, the payment for the goods will be held in an Escrow Account.

How Does An Escrow Account Work?

1. Both yourself and the Dealer agree to use Escrow Account for the transaction.

2. You send your final balance (the Escrow Account payment) to the Escrow Account Administrator.

3. The Dealer receives confirmation from the Escrow Account Administrator that payment has been received into the Escrow Account.

4. You (or a representative) check the car and paperwork at the suppliers premises and confirm it's ready to collect. Then, and only then, are the funds sent by the Escrow Account Administrator to the suppliers bank account and the transaction is completed.

Why Use An Escrow Account For Payment?

If you are paying for an item, and you have not dealt with the Dealer before, an Escrow Account offers you the 100% protection you require as well as complete peace of mind.

Benefits

For You

  • 100% Protection against fraudulent sellers or any type of scam, giving you total peace of mind and financial security.
  • Quick & easy payment across international borders and currencies.
  • Guaranteed refund if goods are not as described.
  • Eliminates all potential scams - the only 100% safe way to transact.

For The Dealer

  • Zero Cost - whereas PayPal, Nochex and others charge sellers 3%-4% for using their service this costs the seller nothing.
  • Guaranteed Payment - there is no risk of chargebacks, whereas, with PayPal, we would carry the risk of chargeback for up to 6 months.
  • 100% Protection against dishonest buyers.
  • A confidence boost for our customers.

Which Escrow Account Administrator Do We Recommend?

We use a highly reputable German Law Firm which offers full Escrow Account facilities (and speaks good English);

Bornheim und Partner Rechtsanwaelte
Lennéstrasse 9
D-10785 Berlin
Germany

Tel: +49 30 20 62 78 0
Fax: +49 30 20 62 78 78
Email: robert.scherzer@bornheim.comThis e-mail address is being protected from spambots. You need JavaScript enabled to view it
Website: www.bornheim.com

Using Your Own Agent

However, if you wish to use your own Escrow Agent, this should not be a problem. Here are some suggestions on a few independent Escrow Account Administrators which you can use for your Escrow Account transaction.

www.escrow.com
www.lawfirmuk.net/english/services.htm#h
www.sterling-bond.co.uk

You can also contact your local solicitor or the Law Society for details on Escrow Account services, as well as searching Google.

How Much Does It Cost?

The charge for this service is just EUR250.