Why do I need an ESCROW account
An ESCROW account is necessary for the protection of goods during the transfer process. It is established to provide safety and protection of certain assets whilst they are in transition. Such goods can include money, documents or property, amongst others. An ESCROW account is essential for the purpose of holding funds on behalf of the broker’s principal or another person, until the transaction is complete.
DeltaQuest have many years of experience in account formation, and can assist you with all of your ESCROW account needs. View our ESCROW Accounts service page for details on opening an ESCROW account with DeltaQuest.
Need of an ESCROW account explained
An ESCROW account is essential for business purposes when assets are being transferred via a third party. The third party is the controller of the goods, and the ESCROW account acts as a form of protection for both the buyer and the seller.
When any transaction involves a substantial investment, it is important to set up an ESCROW account to ensure that the transfer or lease stages are sufficiently administered.
An ESCROW account is needed by business professionals who need to ensure that important fees are paid at the right moment, upon the release of payment. The purpose is to protect the lender by ensuring that taxes and insurance are paid on time
Print This Post
