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Escrow is a financial arrangement where a third party(Kiwpay By Kiwtok)holds and regulates payment of the funds required for two parties involved in a transaction. It helps to ensure that both parties fulfill their obligations in the transaction. Here’s how escrow typically works:
1. **Agreement**: The buyer and seller agree on the terms and conditions of the transaction, including the purchase price, delivery date, and other important details.
2. **Escrow Setup**: Kiwpay Escrow, known as the escrow agent is chosen to act as a neutral intermediary. The buyer transfers the funds to the Kiwpay By Kiwtok.
3. **Verification**: The seller is then notified that an escrow has been created. We can notify him or her via email or phone calls, or you can do that too. The 2nd party will visit the escrow page and check the transaction status, PENDING unless the payment has been made. When the funds are in the escrow, the seller can proceed with delivering the goods or services as agreed upon.
4. **Inspection and Approval**: The buyer typically has a specified period to inspect the goods or services and approve the transaction. If everything meets the agreed terms, the buyer notifies Kiwpay Escrow By Kiwtok agent to release the funds to the seller. If not, the buyer can request changes, return the goods, or negotiate a resolution.
5. **Completion**: Once both parties fulfill their obligations, the Kiwpay agent disburses the funds as per the agreement. This helps provide a level of security and confidence to both the buyer and the seller.
Escrow is commonly used in , online gadget sales, real estate transactions, large purchases, and other high-value transactions where trust between the parties is essential. The use of escrow can help protect both parties by ensuring that funds are only released when certain conditions are met.
You can contact us for more information and clarity.
