Escrow is a service offered by a third party at an auction in order to assure the quality of the transaction. Escrow services create security by acting as a middle man. After a sale is completed, the seller gives the goods in question to the escrow service. The buyer then gives the money to the escrow service. When both parties are satisfied by the goods and payment, the escrow services releases the money and the goods to complete the transition.
The escrow service makes money by charging a certain percentage of the seller. Escrow services are often used when expensive items are being sold at auction. If you choose to use an escrow service, be very careful to check their reliability.
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|Jennifer Mathes, Ph.D.|