Need step-by-step instructions for using Escrow.COM to sell my big ticket item

[ebsalescolorado2015]

Thanks for the feedback, this is part 2 of the question based on the comments.

Quoting the e-Bay statement - This is in the eBay Motors - is the "any purchase" only mean eBay Motors?

Quote: "Escrow is available for any purchase, but typically is used for eBay Motors vehicle purchases of $500.00 or more."

Then how does eBay allow sales of large, heavy expensive items?

The arcade items (Lot of 😎 weights over 1 ton and fill up all of the largest Penske rental truck or part of a semi-truck. It is located in a secured storage facility so a semi-truck can load it. It might be loaded into a sea container for shipment overseas. It works best for the buyer to make arrangements. The cost will be about $25K.

Cash at the time of sales would be dangerous. Accepting a check or bank draft from out of state and letting someone drive off with the product would be risky. At the same time, I wanted the buyer to feel secure that the money was in neutral hands. The internet has problem stories with Pay Pal for large ticket items.

If I have to pay a lawyer to clear and hold the funds in escrow, it will cost me about the same as Escrow.com.

In the past, selling a business with inventory cost just under $1,000 to accomplish an escrow service with a lawyer.

An escrow account is a place where a third party (e.g. lawyer) holds money until all the details of a transaction are complete. An escrow account protects the seller from getting cheated out of full compensation for the product because the money is not transferred until all conditions of the sale are met. The buyer receives similar protection from fraud or an incomplete transfer of ownership to the product.

This is just a rough draft – can anyone provide improvements or other suggestions?

Based on the past, this item will be set at a price “buy it now” rather than an auction deadline.

Rough Draft-  Upon eBay sale:

Buyer must transfer or bank wire a deposit of 15% to a lawyer to be held in escrow within 3 business days.

From date escrow deposit is made, buyer has 15 days from sale date to make an on-site inspection.

eBay refund policy due to product not meeting description apply at time of inspection or until 18 days from eBay sale date.

The remainder 85% of deposit must be completed to lawyer escrow by 20 days of ebay sale date.

The funds in Escrow will require 4 business days to clear before the keys to the storage facility are handed over for the product to be 1. Hauled away 2. Extended storage at buyer’s expense. Note: Buyer may choose to keep storage, break up lot to sell individually and make profit or buyer can choose to haul away. The storage will not be for more than 35 days after eBay Sale date.

The transfer of the keys to the secured, insured storage facility will commence with a Agreement signature to complete the transaction and release of Escrow to seller.