Escrow
You may decide to use an escrow for other reasons besides the source code. In case you don't know the seller (if you are buying) you may want to do a due diligence of the website (sells, past problems, affiliate account statements, number of visitors). You put the money in an escrow account to assure an exclusive purchase option to the seller. You agree (by contract) to pay him if all the information is ok. In case he misinformed you, you are entitled to withdraw from the purchase or to ask a reduction on the price.
Another reason may be to get a financial advantage (if you are selling). The money stays there and you get periodic installments during 12 months for example (in this way to reduce the risk of Capital Gains taxes)
HTH
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Thanks for this but tried looking at this previously and seems to be more for companies who sell software products who then put the source code into Escrow in case they go bust so at least their customer can get their hands on the code.Originally posted by ft101 View Post
I need to get my hands on the code to make sure I have everything to build the site before I can release funds.Leave a comment:
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Buying software, website etc. and Escrow
Hi
I am looking to purchase a website (domain, all source code for the site, database, design documentation etc.) and I need an Escrow service to protect both parties.
I have had a hunt around and things like Escrow.com don't seem to do fully what I need as it only relates to domain name transfer rather than the other assets.
Has anyone used any services like this or maybe recommend some?
TIA
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