General Escrow Instructions

 

  • General Provisions Transactions performed by a Buyer, Seller and Broker on the bankzin.com site, shall be governed by the Uniform Electronic Transactions Act (Cal. Civil Code Section 1633.1 et. seq.) and the California Financial Code governing bankzin Regulations. A person or entity offering personal property for sale, and desiring to use the bankzin.com site in order to close such a sale, shall hereinafter be referred to as "Seller". A person or entity desiring to purchase personal property from a Seller, by use of the bankzin.com site for completing the purchase shall be referred to as "Buyer". A person or entity offering to broker personal property for sale, and desiring to use the bankzin.com site in order to close such a sale, shall hereinafter be referred to as "Broker". A Buyer and Seller may complete a Transaction with or without a Broker.
  • When a Broker is party to this agreement, additional instructions as set forth of Section 9 of these General Instructions shall also apply. To the extent that any Broker may be involved in a Transaction, the Broker shall become a party to the Transaction and have rights under and/or through the bankzin Transaction only if the Broker is an identified Broker on the particular bankzin.com Transaction. If either Buyer or Seller has any independent relationship, obligation or duty of any kind with any other broker or a third party broker, such other or third party broker has no rights under and/or through the Transaction or from bankzin.com. It is the sole and independent obligation and duty of the Buyer or Seller who has any independent relationship with any other or third party broker to satisfy any and all obligations to such other or third party broker. The use of the bankzin.com site (by the Buyer, Seller and Broker) for purposes of effectuating a single bankzined transfer of ownership of personal property shall be referred to as a "Transaction".
  • The completion of the Transaction by Buyer and Seller (and Broker when applicable) is referred to herein as the "Close of bankzin". A Buyer, Seller and Broker may enter into a Transaction for the sale and purchase of many different types of personal property. This Instruction refers to the personal property which is the subject of a Transaction interchangeably as "merchandise" "goods" "item(s)" or "bankzined Property". Funds deposited into bankzin by the parties shall be referred to as "bankzin Funds". Buyer and Seller (and Broker when applicable) should each log onto the bankzin.com website daily and regularly to confirm the status of the Transaction, the shipping and tracking and/or the Closing.
  • The time of day and calendar day for all matters and events referred to in these Instructions will be determined by Pacific Time. All communications of any kind, for any purpose shall be made in the English language. It is the responsibility of Buyer and or Seller (and Broker when applicable) to each know and understand the English language. Any party who requires interpretation to or from the English language for the purpose of making or receiving any communication, relating to these Instructions or the Terms of Use, shall be responsible for any of his, her or its own respective costs in that regard. The term “Business Day” shall refer to the working days Monday through Friday between the hours of 8:00 a.m. and 4:00 p.m. Pacific Time, which are not legal holidays in Orange County, California observed by bankzin.com.
  • Payments made by check shall be subject to a ten (10) Business Day hold. Due to processing delays, payments made by credit card, debit card or Pay Pal Account, shall not be on deposit with bankzin.com until the Business Day on which the funds are actually deposited into bankzin.com’s designated account.