Frequently Asked Questions

What markets does Buvano serve?

We are based in the great state of Texas, but the platform was designed to work throughout the 50 states.  If you have any questions please reach out to us.

What is an escrow service for home improvement and construction projects, and why do I need it?

Buvano’s escrow service acts as a neutral third party that holds funds securely until the terms of a contract are met. For home improvement and commercial projects, it ensures that homeowners, businesses, and contractors are protected by safeguarding payments until work is completed.

 

How does the escrow process work on Buvano’s website?

Buvano facilitates the escrow process by allowing homeowners, businesses, and contractors to create a contract specifying project details and payment terms. Funds are then deposited into the escrow account, and they are released according to the agreed-upon milestones and completion criteria.

 

Is using an escrow service mandatory for all home improvement projects?

No, it’s not mandatory, but we highly recommend it for the protection and peace of mind it offers. All too often, a home owner or contractor enters a job in good faith and is taken advantage of.  This can cost thousands upon thousands of lost dollars.  Using our service is completely optional, and you can discuss it with your contractor or homeowner.

 

What fees are associated with using Buvano’s escrow service?

We charge a nominal fee for our escrow services, which is typically a percentage of the total project cost and deducted from the contractors initial disbursement. The exact fees associated with projects will be disclosed during the contract creation process.

 

Contractors have always told me they need 50% up front to pay for materials is this correct?

Any contractor can easily get a line of credit at Home Depot or Lowes to cover material costs with a net 30 style account.  Another reason they ask for money up front is because they need money to pay for other projects.  It is common for contractors to rob Peter to pay Paul.  Sometimes this leads contractors to get so behind on money they take deposits and never show up again.

 

How are disputes resolved when using Buvano?

In the event of a dispute, both parties can submit their concerns to our dispute resolution team and work toward a resolution. If necessary, a mediation team will be needed to resolve the issue and, if necessary, release funds according to the terms outlined from mediation.

 

What happens if the contractor abandons the project halfway?

If the contractor abandons the project without completing the work, the funds held in escrow can be used to hire another contractor to finish the job or may be returned to the homeowner.

 

How long does it take to release funds from escrow after project completion?

The release of funds from escrow depends on the terms of the contract. Typically, funds are released promptly once both parties agree that milestones have been successfully met or the project has been successfully completed.

 

Is my personal and financial information secure on Buvano’s website?

Yes, we prioritize the security of your information. We use industry-standard encryption and security measures to protect your data.

 

Does Buvano offer escrow services for large-scale commercial construction projects?

At this time, our services are available for all residential and commercial needs!