Kastaway Island Online Escrow Service

The Kastaway Island Online Escrow Service is being offered to help facilitate online transactions in the safest manner. This service is for those of you who wish to have an added layer of security for your online transactions through a third party escrow service. If you choose to use the ESCROW services there is a small service fee of 5%. State and Federal laws prohibit us to request a deposit so the requirement of sending in the $262.50 US payable to: Kastaway Island Escrow Service has been removed. You can just fill out the membership application form. As a buyer, you will want to be certain all conditions of this agreement have been met before any money changes hands. An escrow officer will assist you through this. Understanding Escrow Once an agreement between you and the seller has been finalized, escrow is ready to be opened. Escrow essentially is the transaction where one party engaged in the sale, transfer or lease of real or personal property with another person delivers a written instrument, money or other items of value to a neutral third person, called an escrow agent or escrow holder. This third person holds the money or items for disbursement upon the happening of a specified event or the performance of a specified condition. This allows for a disinterested third party (escrow holder) to keep all valuables and documents in trust until certain conditions are fulfilled. Why You Need An Escrow: As the buyer, you want the assurance that no funds will change hands until all of the instructions in the transaction have been followed. How Escrow Works: The escrow holder is obligated to safeguard the funds and/or documents while they are in their possession, and to disburse funds only when all provisions of the escrow have been complied with. Your Responsibilities During Escrow: Your most important role during this time is to read and understand you're escrow instructions. Be sure to ask your escrow officer to explain anything you do not understand, and make sure any legal questions are directed to your attorney. In order to expedite the closing of escrow you should respond quickly to any correspondence and ensure any funds requested are delivered in the required form - cashiers checks or wired funds are preferable since escrow can only close on cleared funds and most other methods of funds transfer take more time to clear. The escrow officer will endeavor to expedite the timely closing by keeping all parties informed, handling documents and paying all bills as authorized, responding to authorized requests from the principals, closing escrow after the terms and conditions are met, distributing funds in accordance with the instructions and providing a written closing statement of all the charges and credits to your account. When escrow closes you will receive all your paperwork within a few days. As a member of the non-profit Society you become a "GUEST" on Kastaway Island and you will receive your 10 year passport, your guide to using our Island, a questionnaire to fill out so we may accomodate your needs to suit your preferences and your confirmation information. How it works... Once you have agreed that you would like to own a pre paid vacation package on Kastaway Island, you fill out the Membership Application Form. On this form you will supply us with your name, address, phone number, and Email. When Kastaway Island has received the membership application we will issue an email confirming receipt of the application and provide you with an "ACCEPT" in the body of the message. You will be issued a number from one to five hundred, a user ID and a password. This will be your password for the next ten years and allows you to enter the member's only area and view the balance of the documents (bylaws, legal agreement etc.) We require that you print and read the bylaws and legal agreements and send us signed copies of both. This will indicate your acceptance of these documents. As with all world travel plans, this is on a first come first served basis. At any time you can cancel your membership. If we do not receive a minimum of 500 applications by September 2000 our offer to purchase the vessel will expire as will the pre paid holiday package offer. Our money back guarantee extends for a full three years from the time the ship is in the water. A three-year money back guarantee is the longest in this industry. Any person requesting to cancel their membership will forfeit their number. All remaining numbers will increase by one number. If you choose to apply again you will be placed at the bottom of the list. When we have received the minimum amount of pre- construction vacation package membership applications the buyer will be notified by registered mail to submit a check or money order for the amount owing. The initial deposit amount has been waived. Just fill out the membership application form if you are interested. As indicated throughout the web site this is an annual upkeep fee of $450.00 Terms of Service... All Escrow Service Fees are non-refundable in the event of a request for refund. This service fee is 5% of the amount. Information submitted to you by Kastaway Island will NOT be shared, sold or otherwise distributed to any parties other than those participating in your transaction. If you have any questions, comments or concerns please feel free to contact me. To start the online escrow transaction process the buyer should fill out the membership application form.