Exercise Extreme Caution when using many of our free forms - or any legal material. While they may provide general ideas on format & content, validity requirements can and do vary greatly from state to state. Many MUST be Properly Modified for your own location and circumstances. (Hint: If in doubt it's usually safer to include unneeded clauses than to leave out necessary ones. . . . but it's even safer to consult a competent source or use current, state specific ones like ours mentioned below.) Also, we urge people (and lawyers too) to read our Relying On Legal Info FAQ.


See Our Premium Forms!


PREMIUM LEGAL RESOURCES LEGAL FORMS ASK A LAWYER

Escrow Agreement

This Escrow Agreement between (Seller);(Buyer); and (Escrow Agent) is entered into at the same time that the Seller and Buyer have entered into a Contract for the Sale and Purchase of Real Estate. This agreement is to be construed together with the Contract for the Sale and Purchase of Real Estate (Contract).

The closing of the real estate will take place on [date] at [time A.M./P.M.] at the offices of [office] located at [address of offices] or at such other time and place as may be agreed on by Seller and Buyer.

As per the Contract, Buyer has deposited with the Escrow Agent a down payment of [$].

At closing, the Escrow Agent will pay the amount deposited to the Seller or in accordance with 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 Contract, the Escrow Agent shall withhold all monies received until he or she receives written instructions signed by both parties regarding the disposition of the monies. If Escrow Agent does not receive proper instructions signed by both parties, the Agent may either bring action or proceedings to determine the correct disposition of the monies or the Agent may continue to hold the monies. The Agent is under no obligation to bring an action or proceeding to determine the disposition of the monies.

Escrow Agent assumes only the liability of a stakeholder. The Agent shall incur no liability to anyone except for acts in bad faith willful misconduct, or gross negligence. All parties excuse and release the Agent for acts done or omitted in good faith.


Signed this date:


_______________________
Buyer

Signed this date:


_______________________
Seller

Signed this date:


_______________________
Escrow Agent


Google+

‹‹ Back To The 'Lectric Law Library®

‹‹ Back To Free Legal Forms

‹‹ Back To Business Forms