Escrow disclosure

Escrow service overview

No independent escrow holder or closing agent has agreed to handle MarineClose transactions. Live funding and release are unavailable until a holder is approved and operating arrangements are executed. Development simulations do not establish live settlement capability. Purchase funds are held by an independent escrow holder or closing agent named in each deal's escrow instructions — never by MarineClose. MarineClose is not a bank. The escrow holder, account structure and any deposit-insurance coverage are stated in each deal's escrow instructions.

How escrow instructions work

Funding, release and refund arrangements follow the instructions issued by the independent escrow holder or closing agent named in the deal.

1. The buyer follows the funding instructions issued by the independent escrow holder or closing agent named in the deal.
2. Funds are handled according to the applicable escrow instructions while transaction conditions are completed
3. When the agreed conditions are met, the funds holder may release funds under its authorized instructions
4. 1% of the final agreed sale price, payable only at closing.

Fund protection

Purchase funds are held by an independent escrow holder or closing agent named in each deal's escrow instructions — never by MarineClose. MarineClose is not a bank. The escrow holder, account structure and any deposit-insurance coverage are stated in each deal's escrow instructions. Before funding, review the escrow instructions for:

• The identified escrow provider and account structure
• Any insurance or other coverage and the limits that apply
• The release, cancellation, and refund conditions
• Detailed MarineClose ledger records for platform transactions

Banking and payment arrangements

Confirm available funding methods, settlement currency, fees and timing with the named escrow holder or closing agent before sending funds. Pricing in a currency does not establish funding or payout support.

Release conditions

A funds holder releases funds only under its own authorized instructions, after the transaction conditions are recorded as met. No holder is currently agreed. Typical conditions include:

• Completion of vessel inspection/survey
• Title verification and clearance
• Document execution by all parties
• Regulatory approvals (if applicable)
• Any custom conditions specified in the transaction

Dispute resolution

In the event of a dispute:

The independent holder's instructions and applicable law govern disputes and fund disposition. MarineClose does not arbitrate disputes or hold purchase funds.

Fees and deductions

The platform fee is 1% of the final agreed sale price and is payable only at closing. The buyer, the seller or both pay as agreed in the deal terms. If the parties authorize payment from escrow, the fee is settled from escrow at closing. Independent broker commissions, wire fees, and cancellation or transfer costs are separate.

• Platform fee payable at closing
• No platform fee is collected before closing. Deposit returns and any third-party charges follow the signed deal terms and escrow instructions.

Cancellation and refunds

If a transaction is cancelled, any refund is handled according to the transaction terms and applicable escrow instructions. Those terms may provide for:

• A refund to the depositing party (typically the buyer)
• Wire transfer fees may be deducted from refunds
• Funding and refund timing depend on the independent holder's instructions, the payment method, currency and applicable law. Confirm the timeline before sending funds.

Tax considerations

MarineClose does not provide tax advice. Users are responsible for understanding and complying with tax obligations related to their transactions. We may issue tax reporting documents (such as 1099 forms) as required by law.

Frequently asked questions

Contact

For questions about payment arrangements, email contact@marineclose.com.

By using the MarineClose platform, you acknowledge that you have read this disclosure. See our Terms of service for complete terms and conditions.