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Use Case Escrow
Dave Neary edited this page May 17, 2016
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A trusted third party takes responsibility for verifying the availability of funds in advance of the closing of the sale of a good (eg. real estate purchase).
All of the steps to close including verifying payment, title search, etc. could be on the blockchain
- Sale agreement/contract
- Clearing of contingencies to sale
- Certificate of ownership/title search
- Good Faith Estimate for closing costs
- Proof of transfer of funds from buyer and mortgage lender to an escrow account
- Final closing costs (HUD-1 in the US)
- Financial clearing of seller's financial obligations (if appropriate)
- Proof of purchase and transfer of title