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Escrow Agreement

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escrow agreement 

Escrow Agreement

File Type: Word        Price: $9.99         

                                                                        

Summary: During almost all purchases and sales of real estate and other real property it is customary to place some, or all, of the purchase price of the property into an escrow account under the terms of an escrow agreement. An escrow account is maintained by an escrow agent, such as a title company or bank, that is agreed upon by both the buyer and seller subject to the escrow agreement. This escrow agreement formally documents the relationship and responsibilities of all the parties involved in the escrow agreement.

 

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ESCROW AGREEMENT

THIS ESCROW AGREEMENT is made this ____ day of ________________, 20___ by and among _______ Title Insurance Company at ______(ADDRESS)_________________ Escrow Agent) and _________(name and address of party#1)_________________ and _____________________(name and address of party#2)_________________________ 

WHEREAS, _____________________________________ and _________________________________________

have entered into a contract for sale and purchase dated _____________ involving real property known as ______________________________ in _____ County, in the State of __________________; and 

WHEREAS, the contract requires that ___(e.g., certain documents and/or funds)__ be held in escrow; and  

WHEREAS, _______________________________________________ and ______________________________ have requested that _______________ Insurance Company serve as Escrow Agent in accordance with the terms and provisions of this Agreement; 

NOW, THEREFORE, in consideration of the premises, the covenants and agreements herein and in said contract for sale and purchase and the prospective issuance of title insurance, it is agreed as follows: 

1.__________________________________________________ and ____________________________________

hereby appoint ______________ Title Insurance Company as Escrow Agent under this Agreement. 

2. The following _____________________________________ are hereby delivered to Escrow Agent by__________________ and _____________________________________________ receipt of which Escrow Agent does hereby acknowledge: 

(Describe amount or items held in Escrow) 

described in this paragraph until written release/disbursement instructions are given to Escrow Agent by ______________________ and _______________________________.

3. The following additional ____________________________    (documents and/or funds)  shall be delivered to Escrow Agent: (if none state NONE; if contemplated state delivery by whom and deadline date.)

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