Iwhat is legal standing of one has to pay to escrow fund
2007-05-17 02:49:59 · 2 answers · asked by durga v 1 in Business & Finance ➔ Taxes ➔ United Kingdom
When ? when you have to deal with some-one and there is no trust between you ..
Some-one who is trusted by both persons (for example a Solicitor) acts as a 'go between'.
Typically the Buyer gives the money to the Solicitor.
The Seller ships the goods.
Once the Buyer confirms proper receipt, the Solicitor hands over the money.
If there is any dispute over the goods (quality / quantity) the Solicitor holds onto the money whilst the dispute is resolved.
Escrow Services do exist, HOWEVER you need to establish that they are trustworthy !
I would never use an Escrow Service suggested by the other party unless I had independent ways to check them out.
As far as I am aware, there are no legal restrictions on who can setup an Escrow Service (and no requirements for any insurance etc)
2007-05-18 00:10:30 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
The legal standing of an escrow fund is determined by the circumstances of its creation. It tends to be used for distribution of payments to people following settlement of a legal action.
Tell us why you have to pay and you may receive more helpful suggestions.
2007-05-17 02:59:53 · answer #2 · answered by Clive 6 · 1⤊ 0⤋