What is an Escrow Service?

Escrow is a service that provides a means of security in the handling of important property, funds, and documents.  An escrow holder works with the Buyers, Sellers, Lenders and Borrowers ("the principals") involved in a transaction to assure funds and documents change hands at the appropriate point in time, after preset conditions have been met.

 

After the principals agree upon an escrow holder, the group must provide the holder with a set of written instructions, mutually agreed upon by all parties. The escrow holder then holds onto all important documents and funds until the written conditions are met for dispersal of these items. When all contingencies of the escrow instructions have been met or achieved, the escrow will be closed.  This removes the risk of a party either taking payment without providing a service or goods, or the risk of a provider not being paid for their service.

 

If conditions of the escrow contract cannot be met , the funds held will not be disbursed to the seller and can be given back to the buying party. If there is a disagreement as to whether contract conditions have been fulfilled, an arbitration service must judge the contract according to the contract to determine who the funds belong to.

 

Escrow Closing Costs 

The costs incurred in any escrow transaction are controlled by many factors and depend upon the type of transaction and conditions involved. Many fees are considered customary while others are charged based on your particular transaction. The escrow company has no control over the costs charged by other services such as title insurance, recording fees, lender's charges, etc.

 

The escrow fee is normally based on the size, complexity, liability assumed and the cost of producing the service. It may be necessary to charge additional fees for extra or unusual services performed during the course of your escrow. Upon request, your escrow officer will be able to provide you with an estimate of our costs as well as those costs charged by others, provided such information is available.

 

What About Escrow Cancellation? 

No escrow is opened with the intention of canceling, but there are occasions when a transaction fails to close due to contingencies that cannot be met or when the principals disagree during the course of the escrow. Cancellation of an escrow is provided for in our Additional Escrow Conditions and Instructions.

Instructions for cancellation of the escrow and distribution of any funds deposited in escrow must be given to the escrow holder in writing. As with any other instruction, these instructions must be mutually agreed to by the principals. The escrow holder will take the position that no funds on deposit can be refunded until the escrow holder is in receipt of the MUTUALLY executed cancellation instructions. Without these instructions the escrow holder cannot make a determination as to who is the "rightful" party and therefore cannot return the funds or documents.

 

Sometimes, when a dispute exists, the escrow holder may be forced to allow a court to decide which party is entitled to certain documents or funds; this is called an Interpleader Action. Fortunately, most disputes are resolved before this action is taken, as the costs for such legal actions are extreme and are usually paid out of the funds on deposit in escrow.

 

iGolder Safetransitâ„¢

iGolder offers a free service named Safetransitâ„¢.  This service allows both parties to upload conditions prior making a trade and defer the payment until the conditions have been fulfilled.

 

 

 

As of August 1st, iGolder is no longer accepting new accounts and balances can only be redeemed. During the past months, we have been recommending Bitcoin more than our own payment system. We beleive in physical gold ownership, and developed iGolder as a mechanism for people to acquire physical gold by trading with one another.

Since iGolder has a central point of failure (our server may be raided by thugs wearing some kind of uniform), we feel it is safer for us to cease operations. The iGolder experiment has been personally rewarding as we met many gold enthousiasts and also learned about Bitcoin in the process. For those who have no idea what Bitcoin is, we recommend doing your own research. Bitcoin is far superior to iGolder in every way, both in privacy and security as our server is always vulnerable to confiscation. Bitcoin is a communication protocol with a built-in "escrow service" capable of protecting both the buyer and the seller, rendering our Safetransit completely redundant. To learn more about the Bitcoin protocol and its feature, please watch "http://www.youtube.com/watch?v=mD4L7xDNCmA (Bitcoin 2012 London: Mike Hearn).

For those having gold in their iGolder account, we will ship the physical metal to anyone having more than 1 ounce of gold, assuming the owner is willing to assume the shipping costs. For smaller quantities, we offer to settle in Bitcoin, however we will also settle with any other reasonable payment system. We will give everyone at least two full years to contact us to claim their gold. After that period, any unclaimed gold will go to fund an economic development project in Honduras helping local people to become entrepreneurs.

We sincerely wish you the best in life and hope to keep in contact with you.

Yours in liberty,
The iGolder Team.