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How escrow works
A neutral third party holds the money, checks that both sides performed, and only then pays out. Here is exactly what happens on a Cordiw file.
The transaction, stage by stage
Both parties receive an email at each stage change, with the timestamp and who acted.
The parties agree on terms
Buyer and seller settle on price, what is being delivered, how it will be delivered, how long the inspection period runs and who pays the escrow fee. Either party can open the file; the other is invited by email. Nothing is binding until both have accepted the written escrow instructions.
The buyer funds the escrow account
We issue wire or ACH instructions from a single channel and verify the sending party's identity. Funds land in a segregated trust account. Wires are usually credited the same business day; ACH transfers are held until they clear, typically three to five business days.
The seller delivers
Only once funds are confirmed do we authorise the seller to ship the goods, push the registrar transfer or begin the contracted work. Tracking numbers, transfer confirmations and delivery receipts are filed with the escrow record.
The buyer inspects and accepts
The inspection window starts on confirmed delivery. The buyer either accepts in writing, or rejects in writing with the reason. Silence past the deadline counts as acceptance — that deadline is stated in the instructions both parties signed.
Cordiw disburses the funds
On acceptance we release the purchase price to the seller, net of the agreed fee split, by wire or ACH. Disbursement is same or next business day. Both parties receive a closing statement for their records.
If something goes wrong
A rejection is not a dispute — it is a step the process already anticipates. When a buyer rejects inside the inspection window, the funds simply stay in trust. Neither side can reach them.
- The buyer returns the item under the return terms in the instructions, at the party's expense specified there.
- On confirmed return, we refund the buyer less any fees the instructions assign to them.
- If the parties disagree on the facts, both may submit written evidence to the escrow officer.
- Where the instructions cannot resolve it, the file goes to binding arbitration under Colorado law, and funds remain in trust until an award or a joint written release is issued.
What we verify before opening a file
Identity
Government-issued ID for individuals; formation documents and beneficial ownership for entities.
Sanctions screening
OFAC and watch-list screening on every named party before funds are accepted.
Source of funds
Confirmation that the remitting account belongs to the named buyer. Third-party wires are refused.
Title & authority
Proof the seller actually owns the asset and has authority to transfer it.