Hope this isn't too far off topic, but this is a thread about escrowing: Do escrows get a fee or a tip for their services usually?
I think it's typically 1% ($500 in the above case), which I think is a lot of money for very little work. It would totally be worth it if real security was offered including a refund for messing up, but clearly that's not the case.
Sorry if this appears to be a silly question, but
knowledge is power, and I've been meaning to ask this question for a long time but have always forgotten.
Who pays the 1% fee for an escrow service between the buyer and the seller? Or is the money withdrawn automatically from the escrowed amount before it is sent to the seller by the escrow provider?