by TerranceBoyce
Tue Apr 21, 2015 1:34 pm
I'm a little late in seeing this thread but, before I retired, I was involved in international banking and I have never seen an advance payment required before issuing a SBLC.
From the document it states
That being the case why would the money being placed onto an escrow account, and be repaid to you ? Do you normally pay the buyer's fees, and in cash direct to the buyer, prior to purchase ?
He wants your cash and has tried to justify why you must pay it, which is then contradicted by the claim that you'll get the money back.
As everyone else has said it simply doesn't make sense and I doubt you would ever see him again after making payment. There is no sense in him making you pay the costs either as it is his choice to set up the SBLC. If he had the money to buy the property he could just pay you the money and avoid the cost.
From the document it states
shall release One Percent (1%) of the face value of the STANDBY LETTER OF CREDIT (SBLC) representing insurance, security and clearing settlement fees or charges
That being the case why would the money being placed onto an escrow account, and be repaid to you ? Do you normally pay the buyer's fees, and in cash direct to the buyer, prior to purchase ?
He wants your cash and has tried to justify why you must pay it, which is then contradicted by the claim that you'll get the money back.
As everyone else has said it simply doesn't make sense and I doubt you would ever see him again after making payment. There is no sense in him making you pay the costs either as it is his choice to set up the SBLC. If he had the money to buy the property he could just pay you the money and avoid the cost.
CAR ADVERTS - If a car seller mentions escrow - he's scamming you Never ever for any reason pay anything until you have seen and inspected the vehicle
