14 Mar 2022
Introduction
While escrow services enhance security in transactions, certain mistakes can lead to complications. Here are common pitfalls and how to avoid them.
1. Choosing an Unverified Escrow Service
Ensure that the escrow provider is licensed and reputable to avoid fraud.
2. Miscommunication of Transaction Terms
Clearly define the terms and conditions of the escrow agreement to prevent disputes.
3. Ignoring Fees & Hidden Charges
Always review escrow fees and additional charges before engaging a service.
4. Failing to Verify Product or Service Delivery
Ensure that the product or service meets expectations before releasing funds.
5. Not Understanding Refund & Cancellation Policies
Familiarize yourself with the refund and cancellation policies of the escrow provider.
Conclusion
Avoiding these common mistakes can help ensure smooth escrow transactions and financial security.
