Escrow explained

29th July 2022

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PaddlUp deploys myriad behind-the-scenes safety measures to deliver the most stress-free, secure experience possible. One such measure is an escrow account which facilitates each and every transaction when buying or selling a supercar utilising our unique platform. 

 

An escrow, in essence, is a legal arrangement whereby funds are held in a third-party account until such a time as the purchase has been completed, enabling both parties to feel safe and secure when transacting in large amounts. 

 

Commonly used in real estate transactions, escrow protects both buyer and seller during the home-buying process, PaddlUp adopted this procedure to give clients piece of mind when buying or selling automotive assets. 

 

Should a buyer take delivery of one of our consigned vehicles and are not satisfied, this process ensures the funds are returned to them with little to no hassle and neither party is out of pocket, with no outstanding disputes to settle. 

 

Any trust-based problems are a thing of the past with this powerful financial tool. The party receiving the money is unable to withdraw from the account until all obligations have been fulfilled. 

 

These obligations are recorded on a step-by-step timeline meaning speculation is also removed from the equation. Progress can be tracked by all parties involved in real time so there's no guesswork on who's fulfilled their end of the deal. 

 

To solidify the robust nature of this process, each transaction is overseen by punctilious industry professionals and experts so you know that everything is in safe, impartial hands.