In the event that all funds / property for your transaction have been released, the escrow agreement will have been fulfilled and this will mark the end of the escrow services being provided. At this point the escrow service provider normally confirms to all parties that the funds / property have been released and that the matter is concluded.
If at any point during your transaction you wish to end the escrow services being provided to you (but before all of the funds / property have been released), how you proceed will depend on what stage you are at in the process. If you have not yet signed the escrow agreement you will most likely just need to email your escrow service provider to let them know that you no longer wish to go ahead with their services. If you have signed an engagement letter, ensure that you have checked the terms to see if there is a specific termination procedure you need to follow and if you will be liable for any outstanding fees.
If you have already signed the escrow agreement, then you will need to check any termination clauses included in the escrow agreement. The termination clauses will explain the steps you will need to take to terminate the escrow agreement with your chosen escrow service provider. As the agreement will, in most cases be held between multiple parties, they will all need to agree to terminate the services being provided, before the escrow service provider can cease to provide them.
Our team would be happy to talk through how escrow services can be applied to your transactional projects. To find out more, contact us via our website or leave a comment below.
Riverside Escrow is a UK based FCA authorised escrow company helping businesses and individuals exchange assets and funds.
We were first set up in 2014 and we offer high quality and cost effective Escrow Services in a board range of transactions. Our dedicated team of staff strives to provide efficient and clear services, tailored to fit each individual transaction.
Riverside Escrow Limited is authorised by the Financial Conduct Authority as a Payment Institution under the Payment Services Regulations 2017 with registration number 920922 for the provision of payment services.
Riverside Escrow Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 with registration number 920922 for the provision of payment services.
Please note that our authorisation with the Financial Conduct Authority (“FCA”) applies only in relation to payment services transactions (principally transactions involving the holding and payment of funds), it does not relate to any other form of escrow service offered by us – for example where we hold real property.
This means that the Financial Conduct Authority does not regulate us in respect of any escrow transactions other than payment services transactions.
As a result:
- we are not required to comply with the FCA rules in respect of services other than payment services;
- the FCA does not regulate us in respect of any escrow services other than payment services;
- payment services are the only type of service offered by us that users of our services are able to complain to the FCA about; and
- payment services are the only type of service offered by us that users of our services are able to complain to the Financial Ombudsman Services about.