Escrow accounts for private purchase

[StormBay]

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.

[sailingdog]

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.

[SVAuspicious]

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.

[StormBay]

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.....?????

[SVAuspicious]

I've done it with Navy Federal Credit Union and with Riggs Bank.

[StormBay]

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.