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requirements:use-cases:use-case-escrow [2016/11/01 15:02]
Jeremy Sevareid created - migrated from legacy github wiki
requirements:use-cases:use-case-escrow [2016/11/02 15:24] (current)
Jeremy Sevareid Amend - fixed legacy wiki formatting
Line 1: Line 1:
-FIXME+====== Escrow Payment Verification Use Case ======
  
-## Use-case: Escrow payment verification+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).
  
-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:
  
-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 
-1. Sale agreement/​contract +  ​- ​Certificate of ownership/​title search 
-2. Clearing of contingencies to sale +  ​- ​Good Faith Estimate for closing costs 
-3. Certificate of ownership/​title search +  ​- ​Proof of transfer of funds from buyer and mortgage lender to an escrow account 
-4. Good Faith Estimate for closing costs +  ​- ​Final closing costs (HUD-1 in the US) 
-5. Proof of transfer of funds from buyer and mortgage lender to an escrow account +  ​- ​Financial clearing of seller'​s financial obligations (if appropriate) 
-6. Final closing costs (HUD-1 in the US) +  ​- ​Proof of purchase and transfer of title
-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