Phase-3: Escrow
Objective: Set up the deal using a Web3 wallet.
Phase 3: Escrow
Objective: Finalize purchase offer, fund escrow.
Status Bar: "Phase 3: Escrow".
Steps and Roles:
Buyer Submits Offer Details: Input the final purchase price (based on agreed terms), payment method (crypto like ETH or USDC), and their signing wallet address (to be used for deal). Submit, then your prompted to wait for the seller's approval.
Seller Reviews Offer: Notified; view buyer's purchase offer, purchase method, and address. Options:
Request Changes: Suggest revisions (e.g., adjust price).
Approve: Input their own signing wallet address and confirm offer acceptance.
Escrow Wallet Creation: Upon seller approval, the platform programmatically creates a Safe{Wallet} multi-signature wallet (2/3 threshold: buyer, seller, and Exitpad as signers). Exitpad signer wallet funds the wallet deployment (small gas fee).
Buyer Funds Escrow: Buyer/seller are now prompted with the Safe Wallet address details, and buyer is prompted to fund Safe Wallet Address. Send the agreed amount via their wallet (no wallet connection needed). Once sent, click "Escrow Funded" and input funding transaction hash (or wait for automatic detection via balance polling).
Funding Confirmation: Platform programmatically verifies the escrow balance. Seller is notified: "Escrow Funding Transaction Confirmed."
Advance: Both parties move to Phase 4.
Tips:
Ensure your wallet has sufficient funds (plus gas).
Payment Methods: ETH is default (more chains added in future update)
Security: Funds are held in the Safe{Wallet] and requires 2/3 signatures to release.
Exitpad Role: As third signer, ensures fairness but doesn't control funds.
Common Issues: Invalid addresses, double-check inputs.
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