Escrow Policy

01Where escrow funds are held

Escrow funds are held in designated collection accounts operated by our licensed payment partners, under the Central Bank of Nigeria's payment service provider framework. Escrow balances are segregated from Rentilly's operating funds and are never lent, invested or used for working capital.

02What can be paid into escrow

• Annual or periodic rent.
• Caution or security deposit.
• Service charge and legal or agreement fees where applicable.
• Renewal rent for an existing Rentilly tenancy.
• Property purchase deposits and the full purchase price.
• Instalment payments under an in-app purchase plan.

03Release conditions — rentals

Funds are released to the landlord only after all of the following are satisfied:

• Both parties have completed KYP verification.
• The tenancy agreement is executed by both parties in the app.
• The tenant confirms handover of keys and access, or the 72-hour inspection window closes with no dispute raised.
• No fraud flag or blacklist match is active on either party.

04Release conditions — property sales

Purchase funds are released to the seller only after all of the following are satisfied:

• Both parties have completed KYP verification.
• Title and document verification has been completed by licensed verification and search professionals, with no unresolved defect, encumbrance or conflicting claim.
• The sale agreement and Deed of Assignment are executed by both parties in the app.
• The buyer confirms receipt of the original title documents and keys, or the agreed confirmation window closes with no dispute raised.
• No fraud flag or blacklist match is active on either party.

05Instalment purchase plans

Where a buyer pays in instalments, every instalment is held in escrow and tracked against the agreed schedule in the app. Funds accumulate in escrow until the final instalment, when the standard sale release conditions apply. If the plan is cancelled, contributions are returned under the Refund Policy, less any deduction the buyer expressly accepted in the purchase plan.

06Inspection and dispute window

The tenant has 72 hours from confirmed move-in to raise a dispute in the app, and the buyer has the confirmation window stated in the sale agreement from handover of documents. Raising a dispute freezes the escrow balance immediately. If no dispute is raised, funds settle to the landlord or seller on the next settlement cycle.

07Dispute handling

• Day 0: dispute raised in-app with evidence (photos, videos, documents).
• Day 1–3: the counterparty responds with evidence.
• Day 4–10: the Rentilly escrow disputes team reviews and issues a written decision.
• Either party may escalate to mediation and thereafter to arbitration under the Arbitration and Mediation Act 2023, seated in Lagos.

08Caution fee handling

Caution or security deposits remain in escrow for the life of the tenancy. At the end of the tenancy the landlord may file a claim with itemised evidence of damage beyond fair wear and tear. Undisputed and unclaimed amounts are returned to the tenant within 10 business days of the tenancy end date.

09Failed or cancelled transactions

If the property is unavailable, materially different from the listing, the landlord or seller withdraws before handover, or title verification reveals a defect the seller cannot cure, the full escrow balance is returned to the tenant's or buyer's Rentilly wallet, from which it can be withdrawn to a verified Nigerian bank account.

10Anti-money-laundering controls

All escrow activity is screened under the Money Laundering (Prevention and Prohibition) Act 2022. Suspicious transactions are reported to the Nigerian Financial Intelligence Unit. Escrow funds may be held where a lawful order from the CBN, EFCC, NFIU or a court of competent jurisdiction requires it.

11No interest, no lending, no deposit-taking

Escrow balances do not earn interest for you or for us. Rentilly is not a bank and does not take deposits, lend, invest or use escrow funds as working capital. Money in escrow always belongs to the payer until the release conditions are met, and to the payee afterwards.

12Unclaimed and dormant balances

If a refund cannot be paid out because a withdrawal account cannot be verified, the balance stays in your Rentilly wallet and remains your property. We contact you by email, SMS and in-app after 90, 180 and 365 days of inactivity, and thereafter treat the balance in line with the CBN guidelines on dormant accounts and unclaimed balances applied by our licensed partner. Balances are never absorbed as revenue.

13Off-platform payments

Escrow protection applies only to funds paid through the Rentilly app. Cash, direct bank transfers to individuals, or payments arranged over WhatsApp are outside escrow and cannot be recovered by Rentilly.