To register for a Vehicle Escrow Transaction with Dr. Hiltl Rechtsanwalts-GmbH is absolutely free - you can use the contact form to provide your complete details and details of the transaction. Both the Buyer and Seller can initiate the transaction. After one of the parties has initiated the Escrow Account, Dr. Hiltl Rechtsanwalts-GmbH will contact the other party or parties involved in the transaction with information and instructions regarding their Escrow Account. Once all parties have successfully registered with Notar Beheer and accepted the Escrow Agreement, we work through a simple 5 step process in executing the transaction.
Buyer and Seller agree to the terms of the transaction by creating an Escrow Agreement which includes: - Address and contact details of the trading parties - Description of vehicle being sold - Sale Price & Payment Terms - Date of Opening & Date of Closing - Any special provisions such as number of days for Buyers inspection and shipping information
A dedicated Escrow Bank Account is created in a neutral location to hold the buyer's deposit during the transaction.
In this step, the condition, legal ownership and location of the item(s) involved in the transaction is verified by Notar Beheer. The Seller is required to provide all legal information and documents requested by Notar Beheer for this purpose.
With the transaction terms agreed upon and the item(s) of the transaction inspected, the buyer is invited to submit payment to the designated Escrow Account.
The Seller ships the item(s) and provides Notar Beheer with the legal information and documents required as proof of shipment. The Seller is also required to provide a copy of the signed sales contract to prove transfer of ownership to the Buyer.
Buyer accepts delivery and inspects the item(s) received. Inspection can be done by the Buyer personally or through an employed party authorized for vehicle inspection. The standard inspection period is 5 days, but it can be altered according to the specific needs of each vehicle inspection. If the vehicle is rejected, all return costs will be supported from the Seller Shipping Insurance Account. The item will be returned to the Seller, and the deposit returned in full to the Buyer. Return of the deposit is done through bank transfer, which takes three days to take place, and is initiated immediately upon receiving rejection instructions from the Buyer.
In case of the vehicle being accepted, proof of acceptance is sent to Dr. Hiltl Rechtsanwalts-GmbH and Dr. Hiltl Rechtsanwalts-GmbH releases the funds from the Escrow Account to the Seller. All Fees and Charges for the Transaction along with bank transfer charges will be deducted prior to disbursement to the Seller.Transfer to the Seller's account is done through bank transfer, which takes three days to take place. Settlement of funds to the Seller will denote the closing of the Escrow Account. Transaction complete!
Buyer and Seller agree to terms
Buyer submits payment to Escrow
Seller delivers goods or service to buyer
Buyer approves goods or services
Dr. Hiltl Rechtsanwalts-GmbH releases payment to seller