What is escrow and how does it work? 
Relationship of the parties to the escrow agreement
According to the escrow agreement, the participation of three parties is stipulated. It is a depositor, a beneficiary and an escrow agent. Both legal and physical persons can be in the role of the depositor and the beneficiary. Their status is not limited by law, so this scheme is not only entrepreneurial.
The role of the escrow agent is very important. He is the guarantor of the transaction. The law also does not limit his official status. Banks and notaries can perform this role. For notaries, this type of activity is not completely new. Earlier, notaries took cash and securities on deposit to later transfer to the creditor.
For credit institutions (banks), this service is becoming more and more popular, albeit a newer one. As escrow agents, banks and notaries are more credible but they charge more for their services than just an “intermediary”, as it is the price of security guarantees. This function is often performed by lawyers and licensed specialized commercial structures.
So, according to the law, an escrow agent is any third party competent, legally capable, independent, acting as an intermediary between the depositor and the beneficiary. He must verify the correctness of the fulfillment of the transaction terms by both parties, and only then transfer the funds (property) entrusted to him to the beneficiary.
When making bilateral deals, which is common in civil law relations, a mutual escrow is legally stipulated, in other words, two parties to the contract appeal to an escrow agent at the same time. That is, each side acts simultaneously as a depositor and as a beneficiary. Such a construction is often used if the contract was concluded, but the parties did not fulfill it or the trust between them was not complete due to some circumstances. To guarantee the fulfillment of the contract, the parties turn to the services of an escrow agent. He acts as a kind of "arbitrator" in such complex transactions. But mutual escrow is not necessarily used only in conflict situations, it can be an ordinary bilateral transaction.
Before becoming the members of Alliance Family Club, we had a few years of vacationing, buying trips from a tour operator. We shudder at the memories of our last trip to Turkey by this tour operator. We were brought to the hotel, but were denied its services, because it turned out that the tour operator had not transferred the money for accommodation. This was exactly the moment when this operator went bankrupt, and thousands of families were in the same situation in Turkey, Egypt and other countries. After all this, of course, we liked the idea of owning our own accommodation in the Club, wherever we went on vacation. Moreover, it is especially nice to know that thanks to the trust management of Global Actual Services we are protected from the influence of any force majeure.
The Gritsenkos family (Ukraine)
The members of the club, the owners of T2