The transfer of funds on Tresle is handled entirely by a third party escrow agent. When a Buyer has decided to move forward and purchase a business for sale, the process is as follows:
Phase 1: Deposit
- Letter of Intent is fully executed.
- Buyer is provided wire instructions and details about the escrow agent.
- Buyer sends a refundable deposit via wire transfer to the escrow agent for 5% of the agreed upon offer price highlighted in the Letter of Intent. Note: wire fees and escrow flat fees apply.
- Seller receives a notification on Tresle that the wire has been received by the escrow agent.
- Buyer due diligence begins.
Phase 2: Closing
- Buyer confirms that their due diligence has been completed and that they are ready to finalize the deal.
- Buyer and Seller finalize and sign Purchase Agreement document.
- Buyer sends the remaining fund balance via wire to the escrow agent.
- Seller receives a notification on Tresle that the remaining funds have been received by the escrow agent. Note: wire fees and escrow flat fees apply.
- The escrow agent distributes funds to Seller based off the deal’s Purchase Agreement. Note: wire fees apply.
- Deal closed.