Escrow Agreement : Please fill out the following Escrow Agreement. Please print your completed form if you would to have a copy for your records.
AGREEMENT between (Name of the Seller), (Name of the Buyer) and (Escrow Agent).
Simultaneously with the making of this Agreement, Seller and Buyer have entered into a contract (the Contract) by which Seller will sell to Buyer the following property :
(Enter address and legal description of the property)
The closing will take place on (DATE) at 10 a.m. at the offices of (Enter the name of the applicable office) located at (Enter the address of the applicable office) or at such other time and place as Seller and Buyer may jointly designate in writing. Pursuant to the Contract, Buyer must deposit $ ______as a down payment to be held in escrow by Escrow Agent.
The $_______ down payment referred to hereinabove has been paid by Buyer to Escrow Agent. Escrow Agent acknowledges receipt of $________ from Buyer by check subject to collection.
If the closing takes place under the Contract, Escrow Agent at the time of closing shallpay the amount deposited with Agent to Seller or in accordance with Seller’s writteninstructions. Escrow Agent shall make simultaneous transfer of the said property to the Buyer.
If no closing takes place under the Contract, Escrow Agent shall continue to hold theamount deposited until receipt of written authorization for its disposition signed by both Buyerand Seller. If there is any dispute as to whom Escrow Agent is to deliver the amount deposited,Escrow Agent shall hold the sum until the parties’ rights are finally determined in an appropriateaction or proceeding or until a court orders Escrow Agent to deposit the down payment with it.If Escrow Agent does not receive a proper written authorization from Seller and Buyer, or if anaction or proceeding to determine Seller’s and Buyer’s rights is not begun or diligentlyprosecuted, Escrow Agent is under no obligation to bring an action or proceeding in court todeposit the sum held, but may continue to hold the deposit.
Escrow Agent assumes no liability except that of a stakeholder. Escrow Agent’s dutiesare limited to those specifically set out in this Agreement. Escrow Agent shall incur no liabilityto anyone except for willful misconduct or gross negligence so long as the Escrow Agent acts ingood faith. Seller and Buyer release Escrow Agent from any act done or omitted in good faith inthe performance of Escrow Agent’s duties.
Special provisions :
Whereof the parties sign their names this day of (date).
Signed in the presence of :
Basic Agreement Forms Index
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