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  #1  
Old 01-24-2011
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Escrow accounts for private purchase

Hi,

I'm wondering if anyone could help me with this....I'm looking to buy a boat through a private seller and I'd like to make a deposit with them through an escrow account to secure the purchase and to ensure that our deposit doesn't "disappear." I can't find any information on setting up an escrow account privately, without a broker, and my bank only handles them for businesses. Anyone have any experience with this? Please help.

Thanks in advance.
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Old 01-24-2011
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You'll probably need a lawyer to do this for you. There are a fair number of legal matters that need to be addressed to make sure the escrow covers both your needs and the seller's needs properly.
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Old 01-24-2011
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Check other banks. Many will set up an escrow account for you if both parties come in to see them. It shouldn't be a problem. I've done it a number of times.
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Old 01-24-2011
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Can you possibly tell me the name of the bank you used for your transactions? I've been having a very frustrating day dealing with citibank, bank of america, and hsbc, all of whom 1) don't know about this 2) don't deal with private escrow accounts. One recommended a savings account.....?????
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Old 01-24-2011
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I've done it with Navy Federal Credit Union and with Riggs Bank.
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Old 01-25-2011
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Thanks for the help every one, I believe we are going with escrow.com for convenience (its what's used by e-bay) and was recommended by some one at one of the banks we spoke with.
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