Types of Goods or Services Escrow.com protects
It might be easier to identify what it does not protect. Escrow.com does not handle real estate transactions including real property and time shares. They also don’t protect the sale of ammunition, firearms, or currencies. Nor will they protect a transaction that they think may violate the law. It does, however, protect numerous other goods and services.
Escrow.com provides several services dealing with domain names including domain name holding, domain concierge services, and websites. Individuals will purchase domain names, making them unavailable through your hosting or a domain service. Then they make them available to you at a higher price. The domain name, however, could be a valuable asset to your company, and it may be advantageous to you to pay that price, but there are procedures that should be followed in order to assure that the seller does, in fact, hold the rights to that name. Escrow.com will verify that for you by checking the WHOIS database to make sure the name is in fact owned by the seller and has been properly transferred. According to Escrow.com terms, the seller must provide the username, password, and authorization code, if necessary, to access the domain name. For this service, the task of transferring the domain name is completed by the buyer and seller, but if you choose, you can use the concierge service where the domain name is transferred and held by Escrow.com until it can be verified and then later released to the buyer, paying the seller once all terms and conditions have been met. For an additional fee, Escrow.com will also hold a domain name for the buyer until the buyer chooses to have it released.
Using Escrow.com may not completely eliminate the hazards of purchasing a vehicle online, but it can offer some peace of mind. The inspection period (as much as 30 days) gives the buyer an opportunity to properly inspect the vehicle by a mechanic and test it while insuring the seller that the funds are protected during this period. Escrow.com also offers other services to assist in this transaction such as Lien Holder Payoff and Title Collection. They will confirm the amount of the lien and send the final payoff. For Title Collection, Escrow.com receives the title, inspects it, and forwards it to the buyer. Escrow.com is partnered with uShip, a shipping marketplace that allows you to compare shipping rates for the most competitive price. Finally, Escrow.com is partnered with Hagerty to provide classic car insurance to members who need it.
There are instances where it is beneficial for the buyer and seller to complete transactions in steps. For this, Escrow.com provides a milestone service. Say for example, you are having you kitchen remodeled or a website built. The person providing the service may need funds to purchase supplies and pay employees so that they can get started. It is unwise, however, for the buyer to pay for a service before it is completed. Buyer and seller can agree have specified funds release upon completion of predetermined phases of the project.
Some of the other types of transactions Escrow.com provides services for include art and antique escrow giving the buyer time to inspect and validate the item. Ticket escrow to verify the tickets purchased online are not fraudulent and electronics escrow giving time to allow the buyer to verify that the merchandise works as promised. Escrow.com even allows the purchase of animals under certain guidelines.