Home renovation in Eixample
Before its second life, this house had a complex layout—highly compartmentalized, dark, and marked by outdated, cold, and gray features.
Escrow Contract
Collateral deposit in escrow account
At Kaleidoscope, we are so confident in our ‘SARA’ methodology and we understand the concern that a person who is thinking of investing in an integral reform may have, that we have focused on GUARANTEEING SECURITY and the fulfilment of the obligations of both parties during the reform process. For this reason, we offer our clients the option of contracting the integral reform by signing an escrow contract.
With our ‘escrow’ contract, also called ‘guarantee deposit’, the client only pays a % of the total amount of the reform during the execution of the reform, while the remaining % remains in ‘stand by’ until each and every one of the agreed conditions are fulfilled.
In this way, the client has the peace of mind of knowing that his investment is protected and that the final payment will only be made once he is completely satisfied with the final result of the refurbishment.
Escrow Contract
What is an escrow contract?
The escrow contract, also known as an escrow or escrow agreement, is an agreement that allows the funds necessary to pay for a service to be deposited in a trusted account, such as a financial institution, until certain conditions agreed by the parties involved are met. This agreement is used in different situations, such as in the purchase and sale of properties, in construction projects or in the context of a home renovation, as is the case here.
In the case of a home renovation, the escrow contract can be used to guarantee the security and fulfilment of the obligations of both parties during the renovation process. By depositing the money in a trusted account and establishing clear conditions for its release, the client has the peace of mind of knowing that payment will only be made once they are completely satisfied with the final result of the refurbishment.
How does the escrow contract work in the context of a home renovation?
Do you want to protect your investment in your home renovation? Kaleidoscope’s ‘50/50’ escrow contract is the option you need. At the start of the project, only 50% of the total cost is paid. The remaining 50% is held in an escrow account until all agreed conditions are met. Once the renovation is completed, a final review of the work is carried out together with the client to ensure that everything is in order. If the client is satisfied with the final result, then the remaining 50% of the funds are released from the escrow account and the final payment is made to Kaleidoscope. It’s as simple as that! If, however, the customer is not satisfied with the final result, the escrow funds can be used to resolve any problems or make any necessary repairs. Once all the conditions agreed in the escrow contract have been fulfilled, the funds will be released to the parties involved and you will be able to open the house of your dreams having enjoyed the renovation with all the peace of mind in the world.
Escrow Contract
Why use an escrow contract for an integral reform with Kaleidoscope?
01
Investment protection
By depositing the money in a trusted account and setting clear conditions for its release, the client has the peace of mind of knowing that his investment is protected and that the final payment will only be made once he is completely satisfied with the final result of the renovation.
02
Fulfilment of obligations
An escrow contract ensures that the obligations of both parties are met during the refurbishment process. In this way, the contractor will receive payment once the work is satisfactorily completed, and the client has the peace of mind of knowing that payment will only be made once they are 100% satisfied with the final result of the work carried out.
03
Avoids potential disputes or conflicts
By having a written agreement and a trusted account acting as an intermediary, any disagreements or breaches of agreed terms can be resolved more easily and amicably.
04
Greater flexibility
An escrow contract allows the parties involved to set specific and customised conditions for the release of funds, which can provide greater flexibility in the reform process.
In short, using an escrow contract is a safe and efficient way to manage your home renovation payments. If you are thinking of taking the plunge and finally getting that long-awaited home renovation done and you want to guarantee the security and fulfilment of the obligations of both parties, consider using an escrow contract like the one we offer at Kaleidoscope. Remember that it is important to consider all the details of the escrow contract before signing and make sure that you are comfortable with the conditions set out.
At Kaleidoscope, we are committed to customer satisfaction and work hard to ensure that all refurbishments are completed efficiently and to Kaleidoscope quality in as little as 4 months. If you have any further questions about how the escrow contract works or how we can help you securely manage your renovation payments, please do not hesitate to contact us. We will be happy to help you fulfil your wishes to have the home of your dreams.
Contact us through any of our web forms or through our social networks and embark on the most exciting adventure of your life: getting the home you’ve always wanted.
More than an architectural firm in Valencia
The Kaleidoscope method elevates the concept of comprehensive renovations
Personalised budgets and deadlines, the guarantee and professional support, and the fact that you can monitor the project with digital tools are some of the advantages of working with the Kaleidoscope method.
