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Escrow accounts, anyone use one?

  • 26-09-2008 2:05pm
    #1
    d2ww
    Closed Accounts Posts: 501 ✭✭✭


    Getting to the point where I have to part with some cash for my Kitchen, €25k and Windows €35k. My concern is that they are looking for 40-50% deposits, and in these uncertain times, I would be worried that they might go belly up at any moment.
    So, has anyone used escrow accounts in this situation? Are they a normal enough procedure when dealing with irish agents of foreign (window) manufacturers.


Comments

  • #2
    kkelliher
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭kkelliher


    i have never heard them used in ireland but it is a very good idea.

    They are an american idea for payment of property taxes and insurance but i have to say a good idea.


  • #3
    sydthebeat
    Subscribers Posts: 41,863 ✭✭✭✭sydthebeat


    d2ww wrote: »
    Getting to the point where I have to part with some cash for my Kitchen, €25k and Windows €35k. My concern is that they are looking for 40-50% deposits, and in these uncertain times, I would be worried that they might go belly up at any moment.
    So, has anyone used escrow accounts in this situation? Are they a normal enough procedure when dealing with irish agents of foreign (window) manufacturers.

    ask the companies for evidence of a 'bond' they have with an independant company.... in case of them going 'belly up'.


  • #4
    bamboozle
    Registered Users, Registered Users 2 Posts: 3,699 ✭✭✭bamboozle


    simply tell the companies they will receive the deposit when the window's/kitchen has been delivered and passed a visual inspection and the balance when job is complete.

    if a company is not liquid enough to survive until you pay them a deposit i would be willing to deal with them.


  • #5
    DOCARCH
    Moderators, Home & Garden Moderators, Science, Health & Environment Moderators Posts: 18,170 Mod ✭✭✭✭DOCARCH


    bamboozle wrote: »
    simply tell the companies they will receive the deposit when the window's/kitchen has been delivered and passed a visual inspection and the balance when job is complete.

    if a company is not liquid enough to survive until you pay them a deposit i would be willing to deal with them.

    Your likely to get a big FO!

    Escrow account sounds like a great idea.


  • #6
    d2ww
    Closed Accounts Posts: 501 ✭✭✭d2ww


    Have to agree with DOCARCH, it's only fair to let the company know the money is there, albeit in a solicitor's account, before they commit to ordering from the manufacturer.


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