Can the agreement contain other conditions?
Yes, for instance the parties may decide that the funds can be dispersed by the Escrow agent once the cargo has been delivered to an agreed shipping agent. The shipping agent will confirm to the Escrow agent in writing that he has the goods and will ship them upon the Escrow agent’s instructions.
Can I put whatever instructions I like into the Escrow agreement?
The answer is whatever is agreed in writing by the parties to the agreement can and will be part of the Escrow agreement.
Can the Escrow agent act or take further instructions from either party once the Escrow agreement has been signed?
No, the Escrow agreement will be legally binding. The only way in which conditions may be changed will be by the written consent of both parties. If the conditions of the agreement need to be changed new Escrow agreement will need to be put in place.
Where will the funds and title documentation be held?
Chartmore use number of top International Banks. Your funds and documentation will always be safe under the control of our Escrow Lawyer
Is Escrow expensive?
No, our fee is percentage of the value of the transaction, this is typically 2%. This is very reasonable compared to the peace of mind our clients get from using our services and the high cost and inconvenience of Bank Letters of Credit. Fees can be paid by either party to the agreement or 1% each. For high value transactions fees can be as low as 0.5% by negotiation.
What happens to my money when it’s in the Escrow Bank account and do I receive interest?
Your funds are not used in anyway. We are acting as trusted third party. It would be wrong and illegal for us to use or invest your funds. By law no interest is paid. The funds are held in non interest bearing account.
In the event that the transaction does not proceed, funds will be returned less any bank charges for transfer. FUNDS WILL ONLY BE RETURNED TO THE ORIGINAL SENDING BANK.
Does Chartmore do any Due Diligence on me? Or the other party??
Chartmore will always work within current International Money Laundering Laws. Initially We will simply ask for copy of your passport and address verification and the source of the funds (sending Bank). copy of the Escrow agreement would also be lodged with the receiving Bank. It is better to offer this information to Bankers rather than being asked for it.
Does Chartmore offer legal advice?
No, we do not. We simply carry out the wishes of the parties to the Escrow agreement.