Remodeling escrow account | Home Improvement Remodeling ...

At Levco, we are always innovating. After all, one of our many mottoes is ?A better idea always wins? I set out to find a way to improve the payment process and do it in a secure way. My thought is that we can develop a win/win situation for Clients & Contractor.

I am often asked by clients to use credit cards to pay for their projects. Wanting to say yes, I also realize that the 3% it cost me to do that is painful when we are talking about large sums. Charging back for the 3% is illegal. It was out of this conundrum that I explored other ways to offer discounts.

One idea involved discovering a simple process to make payments: escrow, derived from the Old French word escroue, meaning a scrap of paper or a roll of parchment. This indicated the deed that a third party held until a transaction was completed. These days, escrow has all the security of a solid third party to keep track of things while making sure the rules are followed when payments are made between buyers and sellers. Turns out escrow is the process used when big money is at stake, especially in real estate transactions.

From the Contractors perspective:

• I like to get a draw every two weeks, so I schedule payments to be made when milestones are met, thereby? encouraging steady progress.
• I also need to be sure the client has the funds to do the project set aside.
• We require good accounting of funds earmarked for the project.
• The process needs to be smooth and simple.
• Ideally the account needs to be restricted by requiring dual permissions to remove funds.

From an Owners perspective:

• They want security so no one runs off with the loot.
• They want accounting to prove that the work has been done prior to paying for it.
• They want a simple and secure way to transfer the funds.
• They want a discount for participation. and they want to have access to the remaining funds after the project is complete.

Everyone wins

After hours of research and phone calls-o-plenty I finally was directed to Idaho Escrow. these guys don?t have to play by the same rules of a typical title company. In other words, they are not under the Idaho Financing Laws and therefore do not need to buy title insurance for every transaction. Mark Banner says that as long as the directions are clear and there is nothing illegal going on, they would be happy to escrow the transaction for a small fee.

My first client was ready to go and tried to find a better deal, but after exhaustive research none could be found. Our agreement splits the fees and provides an additional small discount for the client. Such a deal.

If this is the sort of transaction that sounds good to you, we can look at incorporating and escrow account into your next remodeling project.

Your comments are welcome. To ask questions or get more information about remodeling, email me directly or visit our contact page.

Disclaimer: Some of these images came from the WEB. If they are yours, and you object to them being used, please claim them and I will gladly remove and replace them at once.

Source: http://levcobuilders.com/escrow-account-anyone/

shroud of turin the borgias the masters warren sapp i robot the big c the visitor