Escrow services in Cameroon involve financial arrangements where a third party holds and regulates payment of funds required for two parties involved in a given transaction. This arrangement is otherwise known as an escrow service agreement. This enables a transaction to be safely carried out without risk of losing money or merchandise due to fraud. Escrow services in Cameroon are provided by a duly certified attorney who holds an asset of value until the specified conditions of the contract are met. However, the parties to the transaction should fully outline the conditions for all the parties involved and comply with the procedure to obtain escrow services in Cameroon.
ESCROW SERVICE AGREEMENT
An escrow service agreement is a contract that outlines the terms and conditions between parties involved and the responsibility of each. Escrow agreements generally involve an independent third party. The terms outlined are as follows;
- Information about the escrow agent
- The funds in escrow
- The acceptable use of funds by the agent
- Definitions for any expression pertinent to the agreement
- The duties and liabilities of the escrow agent
- The jurisdiction and venue in the event of a legal action
Most escrow agreements are put into place when one party wants to make sure the other party meets certain conditions or obligations before it moves forward with a deal. For instance, a seller may set up an escrow agreement to ensure a potential home buyer can secure financing before the sale goes through.
PROCEDURE TO OBTAIN ESCROW SERVICES IN CAMEROON
The procedure to obtain escrow services in Cameroon in view to complete an escrow agreement includes but not limited to;
- Consult an attorney
- Fulfil the modalities of an escrow with the attorney
- Insert the escrow clause in the transaction agreement
- Agree on the escrow fee
- Set the terms of disbursement of the funds by the escrow agent etc.