Helpful Home Improvement Tips: Escrow
What exactly is an escrow account and how can it help me with my home improvement project?
Hello everyone! My name is Tyler Bohlman and I’m here to answer some of the most common questions that everyone has about, dealing with contractors, general home improvement advice and financial transactions with contractors; also any other questions that you in the audience might have; and today I’ll be explaining a little bit more about what the term “escrow” means.
When you put something in escrow, what you are doing is entrusting something with a neutral third party until certain conditions have been met. You can technically put anything in escrow but mainly it’s going to be money. You can use escrow to hold money for transactions, like buying a car on the internet, or when a contractor is working on a project, which is why we created Safepact. It’s only after the agreed upon conditions have been met that the money gets released from you to the other party.
Escrow is important when you are dealing with the delivery of a product or the outcome of a service….especially if it involves a high cost. What this does is protect you as a buyer from having your money ripped off by shoddy business people. It’s also a way for a seller to protect themselves from buyers who make promises they can’t keep when paying for a large cost product or service.
That’s just a quick overview of what escrow is and why you might you it. For a more detailed explanation of escrow, go to our blog at safepact.com/blog. If this was helpful be sure to like us here on Youtube and on Facebook. Stay tuned for more answers to your common questions and if you have any specific questions you’d like us to answer, be sure to tell us on our website https://www.Safepact.com. Thanks for watching and I’ll see you next time.