Effective Date: ____/____/______
This Escrow Agreement is between:
Seller [Legal Name]
Located at [Address]
[City], [State] [Zip Code]
&
Buyer [Legal Name]
Located at [Address]
[City], [State] [Zip Code]
&
Escrow Agent [Legal Name]
Located at [Address]
[City], [State] [Zip Code]
This Escrow Agreement is entered into at the same time as the above Seller and Buyer have entered into a Contract of Sale and Purchase of Real Estate. This Escrow Agreement is hereby placed together with the Contract for Sale and Purchase of Real Estate Contract.
The closing of the Real Estate Contract will take place on:
____/____/______ at ____:_____ AM / PM
At the office of:
Name: ____________________________
Address: _________________________
City: __________ State: ___ Zip: ____
As per the Real Estate Contract, the Buyer has deposited with the above listed Escrow Agent a down payment in the amount of:
$_______________
At the closing, the Escrow Agent will pay the amount that is deposited to the Seller or in accordance with the Seller's instructions. At which time the Escrow Agent will make the necessary transfer of title to the said property to the Buyer.
If there is no closing according to the Real Estate Contract. The Escrow Agent will withhold all money that was deposited until he or she receives written instructions that are signed by both the Buyer and Seller regarding the handling of all deposited funds. If the Escrow Agent does not receive the proper instructions signed by both parties the Agent may either bring action or proceedings to determine the correct handling of the deposited funds or the Agent may continue to hold the deposited funds until further notice. The Agent is hereby under no obligation to bring action or proceeding to determine the handling of deposited funds.
The Escrow Agent hereby assumes only the liability of stakeholder. The Agent shall incur no liability whatsoever to anyone except for acts in bad faith and willful misconduct or gross negligence. All parties excuse and hereby release the Escrow Agent for all acts done or omitted in good faith.
Applicable Law
This contract shall be governed by the laws of the State of __________ in __________ County and any applicable Federal Law.
_______________________ Date_____
Buyer Signature
_______________________ Date_____
Seller Signature
_______________________ Date_____
Escrow Agent Signature
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