Robert Sofiano MT Truck Expert Reports & Reviews (1)
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Reported details
Escrow Money Agreement
I. Overview
This Escrow Money Agreement is made effective as of January 11, 2018 by and
between MT Truck Experts (as the seller), 350 Lake Rd., Bozeman, MT, 59718,
United States, and R G (as the buyer), ,
MI, 48198, United States and states the agreement of the parties as follows.
II. Recitals
Whereas, the seller in the process of selling the 2005 Bobcat S250, 3263 hours,
Serial: 26018304.
Whereas the seller and buyer have executed an agreement on January 11 in
regards to the aforementioned vehicle.
Whereas, the total sales price of the vehicle is: $12,000 inclusive of all sales taxes.
Therefore, in consideration of the premises and mutual convenants erein, the
parties here to agree as follow:
III. Terms
A. The parties shall deposit a signed copy of this agreement and Buyer will
immediately deposit the sum of $12,000 in the form of bank wire transfer
with JP Morgan Corporate Escrow, 270 Park Ave ., New York, NY, 10017.
The money shall only be deposited after the Buyer and Seller have signed
this agreement.
B. In the event that the transaction is agreed upon and the purchase is
consummated, JP Morgan Corporate Escrow will wire the funds to the
sellers account.
C. Failure to close. If buyer does not secure financing or the vehicle does not
pass a qualified inspection, or if the agreement is terminated for any reason
other than breach by Buyer, the deposited money will be returned, without
any charges of any kind.
If the vehicle is not as described in the ad ( mileage is not correct, hours are
not the same, engine faults that weren't mentioned, leaks, rebuilt titles )
the seller is obliged to ship the unit back on his own cost and Buyer will be
fully refunded. If everything checks out and ownership is changed, the
funds will be released to the sellers account within 48 Hours.
D. All understandings and agreements previously existing between the parties,
if any, are merged into this agreement, which alone fully and completely
expresses their agreement. Neither party will rely upon statement
representation made by the other not embodied herein. This agreement
may be modified only by a written amendment by all parties.
E. Signatories. This agreement shall be signed by R G and on
behalf of MT Truck Experts by Robert Sofiano, Vice President, and shall be
effective as of the date first above written.
III. General Provisions
A. Transactions performed by a Buyer and Seller on the JP Morgan Corporate
Escrow site, shall be governed by the Uniform Electronic Transactions Act
(Civil Code Section 1633 et. Seq.) governing JP Morgan Regulations.
B. A person or entity offering vehicles for sale, and desiring to use the JP
Morgan Corporate Escrow Services in order to close such a sale, shall
hereinafter be referred to as "Seller".
C. A person or entity desiring to purchase vehicles from a Seller, by use of the
JP Morgan Corporate Escrow for completing the purchase shall be referred
to as "Buyer".
D. The use of the JP Morgan Corporate Payments (by the Buyer and Seller) for
purposes of effectuating a single protected transfer of ownership of title
shall be referred to as a "Transaction".
IV. Instructions and Deposit of Funds into JPMorgan Corporate Escrow
A. Once the Buyer and Seller have agreed to these General JP Morgan
Corporate Escrow Instructions, these instructions shall constitute a
binding contract between all parties. JP Morgan Corporate Payments
covers buyers who complete a transaction for the following types of
deliberate and material misrepresentation by the seller:
B. Paying for a vehicle and never receiving it.
C. Paying for and receiving a vehicle:
1. That was a stolen vehicle at the time of the transaction
2. With an undisclosed or unknown lien against its title
3. A make and/or model that is different than what was described in
the sellers listing
4. Whose title is subject to an undisclosed salvage, rebuilt,
reconstructed, destroyed, junk, lemon, or water damage title brand
5. That has different specifications than the ones at the moment of
agreement
6. Whose odometer reading is different than the odometer reading
described by the seller
7. That is different than it was described by the seller
D. The Seller will have to start the shipping process and provide the Buyer
with relevant information within 48 hours since payment confirmation.
Upon receipt of the vehicle the Buyer will have 7 days at his disposal to
perform all necessary tests.
V. Shipping and Tracking of Item
A. Upon receipt of Buyer's funds, and clearance of same, JP Morgan
Corporate Escrow will notify Seller to ship the vehicle. Seller agrees to
ship the vehicle, insured for full value to Buyer. Buyer and Seller agree to
choose a shipping method that utilizes online tracking information.
B. The Buyer Inspection Period (5 days) shall commence upon the first to
occur of either: (1) Buyer’s acknowledgment of receipt of vehicle; or (2)
the JP Morgan Corporate Escrow receipt of verification of delivery to the
Buyer's profile information via the shipper's or registrar's tracking
services. The Buyer Inspection Period shall be calculated in full calendar
days, 7 days as stipulated in Instructions and Deposit of Funds.
VI. Buyer's Acceptance, Disbursement of Funds
During the Buyer Inspection Period, Buyer shall either: (1) Accept the vehicle, and
follow all further instructions accordingly to complete acceptance of the vehicle.
JP Morgan Corporate Escrow will pay the Seller the purchase price; or (2) Reject
the vehicle and follow any further instructions to complete the rejection of the
vehicle.
VII. Buyer Rejection Process
During the Buyer Inspection Period, Buyer may reject the vehicle for any reason
but according to all terms and conditions. Upon such rejection, JP Morgan
Corporate Payments will send Seller an email stating Buyer's decision to reject
and return the vehicle. JP Morgan Corporate will refund the entire amount to the
Buyer after receiving the affidavit sent to him signed and notarized.
VIII. Payment Process
All deposits for goods in JP Morgan Corporate (provided by JP Morgan Corporate
Escrow) should be submitted according to the invoice payment details. Failure to
do so will result in the JP Morgan transaction being voided.
[Signature Page Follows]
BUYER:
R G
SELLER:
MT Truck Experts
Robert Sofiano – Vice President
JP Morgan – Citi Bank Servilacon Corp
Financial Representative for Escrow Transactions
Peter Benson