OCRA Worldwide is able to offer clients a comprehensive business to business Commercial Escrow
Service which helps avoid risk and protects the interests of all parties.
Escrow is a legal arrangement whereby money, intellectual or other property is
delivered to a neutral third party (called an escrow agent) to be held in trust pending the fulfilment
of a contract. On completion of the contract, the escrow agent will deliver the money, intellectual or
other property to the proper recipient, according to the terms of the contract, otherwise the escrow
agent is bound by a fiduciary duty to maintain the escrow account.
The escrow agent is independent of both parties and protects the interests of both the buyer and the
seller. The use of an escrow service eliminates or significantly reduces the risks associated with dealing
with unknown parties, particularly over the internet. Escrow is commonly used in property, timeshare, vehicle
and boat sales, the transfer of intellectual property and other high value transactions.
Whilst in escrow, all monies are held in a secure 'client account' until the transaction is completed. OCRA
London use a dedicated client account at Barclays Bank PLC. The use of a client account ensures that the
monies are protected and cannot be used for any purpose other than the intended transaction. Other property
in escrow, such as title deeds, is held in an equally secure environment.
Through OCRA Worldwide’s network of offices our “Closers” will be able to understand the intricacies of
the commercial transaction and arrange for “on the spot” execution to meet the demands of all parties throughout
the entire process.
Our In-House application Software Programmers have developed an online tracking system which allows view and update
status to the relevant parties “to do tests” via the “Closer”. The parties therefore have access to real time information
thus facilitating a clear, definable and organised procedure towards completion.
For further information regarding this service please contact our London office.
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