Whether you have never used an escrow service before or you a frequent user looking for some additional information, we have set out below answers to some of the questions which we are frequently asked.
a) What is escrow?
Escrow is the phrase used to refer to funds or property being held by a third party pending satisfaction of the escrow conditions, or of the agreed criteria having been met.
As a provider of escrow services, we act as a third party in holding funds or property until it can be released on terms agreed by all parties.
Escrow services give certainty to the parties to the transaction in that:
. the buyer or fundraiser knows that the property or funds exist and will be made available to it when the transaction completes; and
. the seller or investor knows that the property or funds will not be released to the buyer or fundraiser until the transaction completes
b) What is it used for?
Escrow can be used in relation to virtually any matter involving the transfer of money or property.
Corporate financing and the raising of capital
Corporate transactions including mergers, acquisitions and sales
Sales of high value property at a distance (eg cars, antiques and wine)
Charity and fundraising events
The holding of settlement funds following disputes
Loans where release of the loan money is conditional on a future event or is to be paid in instalments
Real estate and other property related transactions
c) What is an escrow agreement?
An escrow agreement is one entered into by the parties who have an interest in the money being paid into our escrow account or the property being held by us.
It is a document which we will produce. It will include important clauses such as:
. who is advancing funds or property;
. who will ultimately receive funds or property;
. the conditions attached to when the monies or property are to be released to the recipient; and
. the basis upon which the monies paid in to the escrow account or the property held by us in escrow can be returned to the sender
d) Is it safe?
Use of our escrow service is safe and reliable. As every user has is given an individual bitcoin address to which they deposit funds. We are independent and so will not favour one party over the other when it comes to the release of funds or property. We understand that in today's climate, banking fraud is an ever present fear and we do all we can to ensure that the funds in our escrow account are safe and secure.
e) Can you advise me on how best to invest my money?
Whilst we are registered with the Financial Conduct Authority, we are not authorised to give financial advice on how to invest money. A list of financial advisors is available on the FCA's website: www.fsa.gov.uk/register/firmSearchForm.do
f) How much will it cost?
We pride ourselves on providing a high quality service at a reasonable rate. Please contact us and we will be happy to discuss your needs and the likely costs involved.
g) How can I access the money or property held in the escrow account?
For each escrow project we will produce for the parties a bespoke escrow agreement which will set out the terms on which the money or property being held in escrow can be accessed. Both parties will review and approve the escrow agreement to ensure that the money or property is only released in accordance with the agreed terms.
h) Is there a minimum or maximum amount which can be paid in?
We are set up to accept a wide range of deposit values - please contact us to discuss your requirements.
i) Can funds be transferred abroad?
We are able to transfer funds abroad.
j) Will money held in the escrow account earn interest?
Any funds will earn interest at the applicable rate from time to time. Who is to receive the benefit of this interest will be governed by the terms of the escrow agreement.
k) Is Safe Coin Escrow registered with any regulatory bodies?
Yes. Safe Coin Escrow is registered with the Financial Conduct Authority, HM Revenue and Customs and the Information Commissioner's Office - please see below for further details: