Seller will be responsible for shipping damage if insurance is not purchased. Seller agrees to complete and submit the shipping information to the Escrow.
Confirmation of same will be sent via email to all parties, unless all parties lawfully agree to a different method of notification. The Buyer Inspection Period shall be calculated in full calendar days, the number of days to be agreed upon by the Seller and Buyer in the Transaction Escrow Instructions. In the event the Seller has not shipped the goods within ten days of notification by Escrow. Unless the parties agree otherwise, Buyer is responsible for any duties, customs fees or other charges resulting from an international Transaction, which shall be included in the purchase price.
It is the responsibility of the shipping party to properly declare the merchandise and its value for customs procedures. Upon such rejection, Escrow. Buyer will be responsible for shipping damage if insurance is not purchased. Buyer is aware that merchandise must be rejected in the manner described in order to obtain a refund of the purchase price.
In the event that Buyer rejects the goods in violation of other terms of acceptance and rejection, applicable to Buyer and Seller in connection with the underlying Transaction including but not limited to the Transaction Escrow Instructions and Escrow. Buyer is aware that regardless of the reason for rejection, Escrowed Property must be returned to the Seller in order for funds to be returned to the Buyer.
Shipping costs for returned Escrowed Property must be arranged and completed within ten 10 days of Buyer's rejection. Failure of Buyer to return the Escrowed Property within the specified time period will cause Escrow.
In Transactions where the Escrowed Property is a domain name, if a Buyer rejects a domain name which is not being held by Escrow.
Failure of Buyer to reject or initiate return of the domain name within the specified time periods will cause the Escrow Holder to automatically pay the Seller the purchase price. Seller agrees to cooperate in the return process of the domain. The following additional terms apply to Escrow transactions that are referred to Escrow.
In no circumstances will Escrow. Where the Underlying Parties engage with an external merchandise authentication service, the following will generally apply:.
Where the authentication service and external marketplace determine that the merchandise that is the subject of the Escrow Transaction is unauthentic or where authentication is unsuccessful, it is the responsibility of the Underlying Parties to engage with the authentication service and external marketplace to ensure the merchandise is returned to the Seller.
Where the authentication service and external marketplace determine that the merchandise subject of the Escrow. Where Buyer rejects the merchandise and where the external marketplace and authentication service require re-authentication of the merchandise before it can be returned to the Seller, the Buyer must follow all instructions from the external marketplace and authentication service as to where to return the merchandise for re-authentication.
The Buyer must not return the merchandise directly to the Seller where the external marketplace and authentication service require the merchandise to be re-authenticated prior to the merchandise being returned to the Seller. When Escrow. In any event, the maximum amount of times the authentication process can occur will be determined by the external marketplace and merchandise authentication service, and which operate independently of Escrow.
The Underlying Parties authorize Escrow. The Underlying Parties agree that where merchandise is transacted through an external marketplace using Escrow. Where the Underlying Parties use Escrow. It is the sole and independent obligation and duty of the Underlying Parties to satisfy any and all obligations to the external internet marketplace and authentication service in connection with the Escrow.
By rejecting the item in the manner described above, Buyer agrees to return the item s promptly to Seller at the address designated by Seller in the Seller's profile. Buyer is responsible for all related shipping and insurance costs; and agrees to return the item to the Seller by use of a shipping method that utilizes online tracking information.
Immediately upon shipping the goods back to Seller, Buyer shall complete and submit, through the Escrow. Upon receipt of such information, Seller will be notified by an email from Escrow. If Buyer sends the goods to Seller without following the guidelines set forth in this paragraph, then in addition to any other remedies which Escrow.
Should no shipping be necessary in order to effectuate the return of the merchandise, then Seller and Buyer shall be free of the shipping and tracking obligations as defined in this section.
The Seller Inspection Period shall commence upon the first to occur of either: 1 Seller's acknowledgment of receipt of merchandise or domain s ; or 2 the Escrow. The Seller shall have five 5 calendar days following the date on which the Seller inspection period begins to: 1 select the "Accept" button on the Escrow. The Seller may reject the timely return of Escrowed Property only if the property is returned in a condition other than the condition it was in when first sent from Seller to Buyer.
Should the Buyer and Seller fail to reach an agreement during the Negotiation Period and provide a joint instruction evidencing same to Escrow.
If, as of the fifteenth 15th calendar day following the end of the Negotiation Period, neither Buyer nor Seller has filed for and given notice of the commencement of arbitration in accordance with the Dispute Resolution section of these Instructions, and given acceptable proof of the commencement of arbitration to the non-filing party and Escrow. Upon the first to occur of either: 1 Seller's acceptance of the returned goods; 2 the end of the Seller Inspection Period; or 3 on the 15th calendar day following the Negotiation Period the failure of Buyer or Seller to commence arbitration in accordance with the Dispute Resolution provisions of these Instructions and notify all parties as provided therein Escrow.
Once all costs are paid, and funds are disbursed, the escrow shall be deemed cancelled, with no further obligation due by Buyer, Seller, or Escrow. Unless Buyer and Seller otherwise agree to a different joint instruction to Escrow.
Once escrow funds have been deposited, in the event that Seller fails to ship the merchandise within the required ten 10 day period or within any longer time period upon which Buyer and Seller have mutually agreed, Buyer may request a refund of the deposited funds. The request for refund shall be submitted to the support form.
A Domain Name Holding transaction may not be cancelled by the Seller after the domain has been secured in Escrow. Buyer and Seller also agree that Seller may request the escrow transaction be cancelled and the Buyer refunded, less escrow fees, at any time. In the event of a cancellation after funds are received, or rejection of merchandise, the Broker will not receive the commission unless otherwise stipulated in the escrow agreement.
Notwithstanding anything to the contrary herein or in the Escrow. Buyer or Seller may cancel the Transaction pursuant to the underlying agreement between Buyer and Seller for the sale and transfer of the IPv4 Numbers and each notify Escrow.
If either Buyer or Seller requests cancellation of a Transaction pursuant to this Section, and such request for cancellation is by notice to Escrow. Any claim against Escrow. The Broker will initiate the Transaction providing the Buyer and Seller email addresses and shall give instructions as to any restrictions on access to Buyer or Seller contact information. In the event the Broker restricts any information, the Buyer and Seller information may remain anonymous until such time as Escrow.
After Escrow. When the Buyer or Escrow. In the event of any dispute, claim, question, disagreement or breach arising from or relating to Escrow. If the parties reach an agreed upon resolution, Buyer and Seller and Broker when applicable will promptly notify Escrow.
The fourteen 14 calendar days beginning with the Dispute Date shall be referred to as the "Negotiation Period". If Buyer and Seller and Broker when applicable do not reach an agreed upon resolution and notify Escrow. This second fourteen-day period shall be referred to herein as the "Arbitration Commencement Period". Notice that such arbitration has been commenced shall be promptly given, via e-mail, by the party commencing arbitration to the other parties and Escrow.
Before Buyer initiates a submission to arbitration, Buyer must return the Escrowed Property received by Buyer to Seller. If Escrow. In this case, Buyer and Seller and Broker when applicable authorize Escrow. The party instituting the arbitration proceeding shall notify Escrow.
Buyer and Seller and Broker when applicable agree to accept service of the notice of demand for binding arbitration via e-mail via the e-mail addresses previously provided to Escrow. In addition to the fact that Buyer and Seller and Broker when applicable agree to have any dispute, claim, question, disagreement or breach arising from or relating to Escrow. Unless Buyer, Seller, and Broker when applicable and Escrow. The party initiating the arbitration will make a written request to the Arbitration Provider, including a copy of this arbitration provision the "Arbitration Request".
The Arbitration Request will be delivered concurrently to all parties, including Escrow. Although Escrow. If the Arbitration Provider does not have an existing procedure for selecting an arbitrator the Arbitration Request will instruct the Arbitration Provider to randomly propose the name of three potential arbitrators and for the Arbitration Provider to submit those three names to all parties concurrently the "the Arbitration Provider List".
No party may request to the Arbitration Provider that any particular arbitrator be included on the Arbitration Provider List. Any arbitrator specifically requested to be on the Arbitration Provider List is to be excluded. Each party may, within five days after receipt of the proposed names, strike and exclude one name from the list. Thereafter, the Arbitration Provider shall appoint as arbitrator a person whose name has not been struck from the list "the Arbitration Provider Appointment" and an alternate.
If for any reason the Arbitration Provider does not appoint an arbitrator within 15 business days of the submission by any party of its exclusion, either party may petition the Orange County Superior Court, Santa Ana, California for the appointment of an arbitrator.
Within 10 calendar days after the appointment of the arbitrator, the arbitrator will schedule a pre-arbitration hearing, which will be conducted by telephone and shall be held within the next ten business days.
The arbitrator shall have the power to enter a default award if a party fails to participate in the arbitration. The actual arbitration hearing must be commenced within days after notice of the identity of the arbitrator is served by either the Arbitration Provider or the Superior Court as the case may be. Section At the time a servicer creates an escrow account for a borrower, the servicer may charge the borrower an amount sufficient to pay the charges respecting the mortgaged property, such as taxes and insurance, which are attributable to the period from the date such payment s were last paid until the initial payment date.
Before establishing an escrow account, the servicer must conduct an escrow account analysis to determine the amount the borrower must deposit into the escrow account subject to the limitations of paragraph c 1 i of this section , and the amount of the borrower's periodic payments into the escrow account subject to the limitations of paragraph c 1 ii of this section. In conducting the escrow account analysis, the servicer must estimate the disbursement amounts according to paragraph c 7 of this section.
Pursuant to paragraph k of this section, the servicer must use a date on or before the deadline to avoid a penalty as the disbursement date for the escrow item and comply with any other requirements of paragraph k of this section.
Upon completing the initial escrow account analysis, the servicer must prepare and deliver an initial escrow account statement to the borrower, as set forth in paragraph g of this section.
The servicer must use the escrow account analysis to determine whether a surplus, shortage, or deficiency exists and must make any adjustments to the account pursuant to paragraph f of this section. For each escrow account, the servicer must conduct an escrow account analysis at the completion of the escrow account computation year to determine the borrower's monthly escrow account payments for the next computation year, subject to the limitations of paragraph c 1 ii of this section.
The servicer must use the escrow account analysis to determine whether a surplus, shortage, or deficiency exists, and must make any adjustments to the account pursuant to paragraph f of this section. Upon completing an escrow account analysis, the servicer must prepare and submit an annual escrow account statement to the borrower, as set forth in paragraph i of this section.
All servicers must use the aggregate accounting method in conducting escrow account analyses. A servicer must not practice pre-accrual. To conduct an escrow account analysis, the servicer shall estimate the amount of escrow account items to be disbursed. If the servicer knows the charge for an escrow item in the next computation year, then the servicer shall use that amount in estimating disbursement amounts. If the charge is unknown to the servicer, the servicer may base the estimate on the preceding year's charge, or the preceding year's charge as modified by an amount not exceeding the most recent year's change in the national Consumer Price Index for all urban consumers CPI, all items.
In cases of unassessed new construction, the servicer may base an estimate on the assessment of comparable residential property in the market area. The servicer must examine the federally related mortgage loan documents to determine the applicable cushion for each escrow account. If any such documents provide for lower cushion limits, then the terms of the loan documents apply. Where the terms of any such documents allow greater payments to an escrow account than allowed by this section, then this section controls the applicable limits.
Where such documents do not specifically establish an escrow account, whether a servicer may establish an escrow account for the loan is a matter for determination by other Federal or State law.
If such documents are silent on the escrow account limits and a servicer establishes an escrow account under other Federal or State law, then the limitations of this section apply unless applicable Federal or State law provides for a lower amount. If such documents provide for escrow accounts up to the RESPA limits, then the servicer may require the maximum amounts consistent with this section, unless an applicable Federal or State law sets a lesser amount.
Some escrow account items may be billed for periods longer than one year. For example, servicers may need to collect flood insurance or water purification escrow funds for payment every three years. In such cases, the servicer shall estimate the borrower's payments for a full cycle of disbursements. For a flood insurance premium payable every 3 years, the servicer shall collect the payments reflecting 36 equal monthly amounts. For two out of the three years, however, the account balance may not reach its low monthly balance because the low point will be on a three-year cycle, as compared to an annual one.
The steps set forth in this section result in maximum limits. Servicers may use accounting procedures that result in lower target balances. In particular, servicers may use a cushion less than the permissible cushion or no cushion at all. This section does not require the use of a cushion. A The servicer first projects a trial balance for the account as a whole over the next computation year a trial running balance.
In doing so the servicer assumes that it will make estimated disbursements on or before the earlier of the deadline to take advantage of discounts, if available, or the deadline to avoid a penalty. The servicer does not use pre-accrual on these disbursement dates. The servicer also assumes that the borrower will make monthly payments equal to one-twelfth of the estimated total annual escrow account disbursements. B The servicer then examines the monthly trial balances and adds to the first monthly balance an amount just sufficient to bring the lowest monthly trial balance to zero, and adjusts all other monthly balances accordingly.
C The servicer then adds to the monthly balances the permissible cushion. The cushion is two months of the borrower's escrow payments to the servicer or a lesser amount specified by state law or the mortgage document net of any increases or decreases because of prior year shortages or surpluses, respectively.
Under aggregate analysis, the lowest monthly target balance for the account shall be less than or equal to one-sixth of the estimated total annual escrow account disbursements or a lesser amount specified by state law or the mortgage document.
The target balances that the servicer derives using these steps yield the maximum limit for the escrow account. Appendix E to this part illustrates these steps. At the completion of the escrow account computation year or any short year, the new servicer shall perform an escrow analysis and provide the borrower with an annual escrow account statement.
For each escrow account, the servicer shall conduct an escrow account analysis to determine whether a surplus, shortage or deficiency exists. If a servicer advances funds in paying a disbursement, which is not the result of a borrower's payment default under the underlying mortgage document, then the servicer shall conduct an escrow account analysis to determine the extent of the deficiency before seeking repayment of the funds from the borrower under this paragraph f.
A borrower is current if the servicer receives the borrower's payments within 30 days of the payment due date. If the servicer does not receive the borrower's payment within 30 days of the payment due date, then the servicer may retain the surplus in the escrow account pursuant to the terms of the federally related mortgage loan documents.
Such an agreement shall cover only one escrow accounting year, but a new voluntary agreement may be entered into after the next escrow analysis is performed. The voluntary agreement may not alter how surpluses are to be treated when the next escrow analysis is performed at the end of the escrow accounting year covered by the voluntary agreement.
A The servicer may allow a shortage to exist and do nothing to change it;. Previous Version. This booklet addresses compliance with the Real Estate Settlement Procedures Act, which requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process.
The act prohibits specific practices, such as kickbacks, and places limitations on the use of escrow accounts.
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