I believe it's called a "Joint Control Account", where the client deposits funds for each phase ahead of time, and it requires both the client and Contractor signatures to remove the funds.
Who administers these accounts? Bank, or Escrow company?
I assume it's just a bank account with 2 signers, and set up so no single person can withdraw.
Anyone used these?
Thanx
Delta
Who administers these accounts? Bank, or Escrow company?
I assume it's just a bank account with 2 signers, and set up so no single person can withdraw.
Anyone used these?
Thanx
Delta