We wrote a long, humorous treatise on Seller’s Escrows a while back and well, in our experience, Buyer’s Escrows are not a guarantee that you will get paid on time or without unnecessary dispute either. You can read the article for comic relief our main website of Josh and Mak International here.
The traditional concept of an escrow is an Escrow run by a neutral third party. If you have to go for an Escrow, try to hire a lawyer jointly approved and hired by both parties with a properly written up Escrow Agreement.Given the international nature of the pandemic it is not uncommon for Escrows for sales of Personal Protective Equipments to be located in third party locations even when the buyer and seller are in different countries.Surprisingly the problem always appears when the Escrow lawyer the seller pin points to refuses to sign a proper agreement with the buyer or even engage with them.More suspiciously, as we have observed from a recent couple of fraudulent transactions in Europe, the lawyer will refuse to give any documentation or proper KYOC documents of their account, or furnish any legal permission from the jurisdiction’s state which allows them to provide a financial service /banking service like Escrow Accounts.
If you need recommendations or legal advice on this issue, please send us an email, at firstname.lastname@example.org and we will advise you on the best course of action.