Settl is a financial arrangement where a third party known as an escrow agent holds, and regulates payment of funds required for two parties involved in the Transaction
The primary purpose of escrow agent is to ensure that both parties fulfil their respective obligations before the funds are released.
- Agreement: The buyer and the seller agree on terms of the transaction
- Escrow Setup: A neutral third party, escrow agent, is selected to handle the transaction.
- Deposit: The buyer deposits the funds into the escrow accout.
- Conditions Met: The seller meets the conditions specified in the agreement delivers goods or services).
- Release of Funds: The escrow agent releases the funds to the seller.