The first thing you need to know about escrow services is that they are not all the same. Any Joe Blow can start up an escrow service with no capital, no insurance and little facility. If they go bust, then your cash may go with it, including your files.
Using a lawyer for escrow services gives you the peace of mind of a regulated profession with substantial professional indemnity and fidelity insurance. Absolute guaranteed safety and security at an affordable price.
What is Escrow? Something of value, such as a deed, stock, money, or written instrument, that is put into the custody of a third person by its owner, a grantor, an obligor, or a promisor, to be retained until the occurrence of a contingency or performance of a condition.
A Depositary (escrow service) is not a party to the escrow agreement, but rather a custodian of the deposit who has no right to alter the terms of the agreement or prevent the parties from altering them if they so agree. The only agreement that the depositary must make is to hold the deposit, subject to the terms and conditions of the agreement. Ordinarily, the depositary has no involvement with the underlying agreement; however, an interested party may, in a few states, be selected to be a depositary if all parties are in agreement. In all cases, a depositary is bound by the duty to act according to the trust placed in him or her. If the depositary makes a delivery to the wrong person or at the wrong time, he or she is liable to the depositor. The document or the money is only in escrow upon actual delivery to the depositary. Ordinarily, courts are strict in their requirement that the terms of the agreement be completely performed before the deposit is released. A reasonable amount of time must generally be allotted for performance. Parties may, however, make the agreement that time is of the essence, and in such a case, any delay beyond the period specified in the agreement makes the individual who is obligated to act forfeit all his or her rights in the property in escrow.
An Escrow purchase is designed to enable you to make a purchase or sale of an item of high value, and have the funds to pay for that item held in trust for the seller pending delivery and/or inspection of the item.
The funds are held in our Solicitor’s Trust Account until approval is given to complete the transaction.
This is a safe and risk free method of conducting high value intrastate, interstate and overseas transactions.
Software – Copyright – Patent Escrow
Software Escrow is the security storage of confidential material in the event that it may need to be accessed for a legitimate purpose at some future time. Such legitimate purpose may be the death or disablement (mortal or corporate) of a software developer, thus enabling the user to continue to derive benefit from their investment in the software development.The software developer provides to the Escrow Agent, as a strictly independent agent, copies of the source code and other materials relevant to the software development. The source code is then only released to the client if one of the events set out in the Escrow Agreement between the software developer and the client is triggered.
Some developers also use the service as an off-site backup and to additionally provide irrefutable evidence of version development. It can quickly shut down potential legal challenges to developmental originality, and is also useful for authors, songwriters, lyric writers, musicians etc.