Escrow Services2021-12-06T08:45:41+00:00
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ESCROW SERVICES

ESCROW SERVICES

Protecting Buyer’s & Seller’s financial interests, with funds held in a Secure Escrow Account until all the i’s are dotted and t’s are crossed

  •   Winning Bidder will be notified via email and/or text that they have won the Listing
  •   Buyers Premium (if Seller selected Buyers Premium or Split Fees for Sales Success Fee Option) will be charged to the credit card on file of Winning Bidder immediately at the close of the Auction or accepted Offer by Seller
  •   Sellers Premium (if Seller selected Sellers Premium or Split Fees for Sales Success Fee Option) will be charged to the credit card on file of Seller immediately at the close of the Auction or accepted Offer by Seller
  •   Exclusive will email and/or text winning Bidder payment instructions
  •   Winning Bidder is responsible to fund the Listing purchase In Full within Seven (7) Business Days of notification of Winning Bidder status or upon completion of all purchase prerequisites (or other agreed upon time-frame, as agreed between Buyer, Seller and Exclusive)
  •   Buyer Purchase Funds will be held in the Listing Escrow Account until all purchase prerequisites have been met
  •   Buyer Purchase Funds will not be released to Seller until:
    • PPI (if requested and not yet provided) is complete and approved by Buyer
    • Buyer or Buyer’s Agent has completed the In-Person Inspection to Buyer’s satisfaction (If Buyer has requested and Seller has agreed to, an In-Person Inspection by Buyer or Buyer’s Agent of the Listing prior to consummation of the sale)
    • Seller provides proof of all required Listing ownership documentation (i.e. vehicle title, MSO, etc.)
    • Seller provides proof of payoff if Listing is currently financed
    • All pre-purchase DMV / Titling / Registration requirements are complete (If Exclusive DMV / Title / Registration Services are utilized)
  •   Buyer Purchase Funds due Seller will be released to Seller prior to Seller releasing Listing to Buyer or Buyer’s Agent

CANCELLATION OF ESCROW

  •   In the event that within Seven (7) days (or other agreed upon time-frame, as agreed between Buyer, Seller and Exclusive) of notification to Buyer of Winning Bidder status, Buyer and/or Seller obtain a PPI (Pre-Purchase Inspection Report) or Buyer has requested and Seller has agreed to, an In-Person Inspection by Buyer or Buyer’s Agent of the Listing and the PPI exposes major issues with the Listing preventing Buyer from completing the transaction:
    • The Escrow will be canceled and all Buyer’s Funds will be returned to Buyer less any fees or administrative charges incurred by Exclusive to return said funds
    • Exclusive will return to Buyer an amount equal to any Buyers Premium (as defined herein) paid by Buyer less any fees or administrative charges incurred by Exclusive to produce said refund
    • Exclusive will return to Seller an amount equal to any Seller Premium (as defined herein) paid by Seller less any fees or administrative charges incurred by Exclusive to produce said refund
  •   In the event that Seller has deceptively portrayed the Listing to be something other than what it truly is:
    • Exclusive will return to Buyer an amount equal to any Buyers Premium (as defined herein) paid by Buyer
    • Seller will be liable to Exclusive for any amount refunded to Buyer and any fees or administrative charges incurred by Exclusive to produce said refund
    • Seller will not be entitled to the return of any fee(s) paid by Seller on account of the sale
    • Seller will be charged the entire Sales Success Fee regardless of Sales Success Fee Option selected
    • Said amounts will be charged to the Seller’s Payment Account (charging the Seller credit card on file)
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