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requirements:use-cases:use-case-escrow

Escrow Payment Verification Use Case

A trusted third party takes responsibility for verifying the availability of funds in advance of the closing of the sale of a good (e.g., real estate purchase).

All of the steps to close including verifying payment, title search, etc., could be on the blockchain:

  1. Sale agreement/contract
  2. Clearing of contingencies to sale
  3. Certificate of ownership/title search
  4. Good Faith Estimate for closing costs
  5. Proof of transfer of funds from buyer and mortgage lender to an escrow account
  6. Final closing costs (HUD-1 in the US)
  7. Financial clearing of seller's financial obligations (if appropriate)
  8. Proof of purchase and transfer of title
requirements/use-cases/use-case-escrow.txt · Last modified: 2016/11/02 15:24 by Jeremy Sevareid