Brandon Abbey Shares Words of Wisdom

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Escrow Brandon Abbey 1I read a great post by Brandon Abbey on NamePros today. It contains information we should all know. With his permission, I am reposting it here. Congrats to Brandon Abbey for providing 12 years of stellar service with Escrow.com.

This week is the beginning of my 12th year at Escrow.com. It has been quite fun and quite challenging. As I tell all our employees, there is a reason they call it work. Along the way I have had the opportunity to meet some wonderful people in this industry. To those of you who are customers I want to let you know I greatly appreciate the trust you have put in me and the company. I now am going to reflect on just some of what I have learned about online escrow.

When choosing an online escrow company there are a number of factors to consider including price, experience, reputation, trust, reliability and whether the escrow is truly neutral and independent. In making a selection of an online escrow company it is important to remember the primary goal of using an escrow in the first place: to protect your assets during the transaction. For this reason, the location of the actual escrow is also very important. If the escrow takes place in any foreign country that does not regulate the escrow process there may be little assurance and no guarantee of where or who has control of the assets while they are in escrow.

In locations where escrows are not licensed and regulated, the escrow parties have very little, if any, legal protection outside of their contract specific to escrows. It may not be astute for a company or person to select an online escrow company based in a foreign country if that escrow company is not subject to escrow law and compliance. If anything were to go wrong with your transaction when using the unlicensed company, especially in a country foreign to you, you may have little or no reasonable recourse to recover your funds or assets. Where escrows are licensed and regulated, there are specific laws and procedures in place to protect the escrow parties and their assets throughout the entire transaction.

For instance, if one or both parties to the escrow transaction are located in the United States, it would be best to select a licensed escrow company that is completely based in the United States. It is pretty well known and agreed that the United States legal system, although not perfect, is the best in the world. Most countries do not have laws specifically written to protect online escrow participants. The escrow license laws in the United States provide the parties to the escrow a whole new level of protection. A licensed, bonded and insured escrow company operating out of the United States is the most secure option available and the parties can truly obtain the security that they are paying for.

Companies that state they do not do business in certain locations are most likely not licensed in those locations. Alternatively, they may be trying to avoid or circumvent the legal compliance requirements associated with the required licensing, compliance and governmental oversight of those locations. You should consider whether it is safe and wise to place your money or assets in the custody or control of an organization structured in a manner to avoid legal requirements. The escrow and legal requirements are there to protect you. Engaging in a transaction structured to avoid laws that protect you is not in your best interest. On the other hand, the companies that are licensed are audited regularly to ensure the practices are legitimate, the accounting is proper, that there is no comingling of funds and that there is sufficient capital, insurance and bonding so that the escrowed assets are protected to the greatest extent feasible. This provides the greatest degree of integrity for your transaction.

Like I said, just some of what I have learned.

All the best,

Brandon

 

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