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  1. #1
    SitePoint Member diggity's Avatar
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    Question Buying a web site and using escrow

    Hi everyone,

    I would like to get your input on things. I am considering buying a business and plan on using an escrow service.

    Would you make a purchase where only a portion of the sale amount was in escrow? Or would you insist on the entire purchase amount being in escrow?

  2. #2
    SitePoint Wizard LiquidReflex's Avatar
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    I don't see why only a portion of it would be in escrow and the rest somewhere else. That sounds fishy to me. What other method of payment would be used? That would definitely play a factor if it were to be considered. If it were something like PayPal, I'd definitely say no. A cashier's check could work, or something else that could guarantee that the money would be available and not disputed. Personally I'd stick completely with an escrow service so you know all the money will be handled properly.
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  3. #3
    SitePoint Member diggity's Avatar
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    thanks.

  4. #4
    SitePoint Wizard bronze trophy
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    I'd go for electronic bank transfer or banker's draft. Get legal people involved to make it all above board - you could also get your lawyers to hold onto the money in their account until contracts are exchanged, just like they do in house sales/purchases. Depends on the size of transaction as to whether the costs are justified.

  5. #5
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    You should go fully with Escrow because it somewhat favours the buyer. The transaction process is slower but it's safer for you, e.g. you even get a number of days for inspection to see if it meets your satisfaction.

    The down side is that Escrow.com service is horrendous. They work 5 day week and during office hours, and you'd be lucky if they answered your email.

  6. #6
    SitePoint Member diggity's Avatar
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    thanks for your replies

    over and out.


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