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Escrow Agreement Form
General Information:
Escrow agreement: contractual agreement for a third party to hold funds required by contract. Fully functional escrow agreement has protections in place for buyer, seller and escrow agent.
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If the closing takes place as agreed under the terms of the Contract, Escrow Agent shall, at the time of closing, pay the amount deposited with Escrow Agent to Seller, or if Seller so designates in writing, Escrow Agent shall make simultaneous transfer of the said property to the Buyer.
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In the event that no closing takes place under the Contract, Escrow Agent shall continue to hold the amount deposited until receipt of written authorization for its disposition signed by both Buyer and Seller.
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In the event of a dispute, escrow agent can enter action or "interpleader" and deposit funds in court of proper jurisdiction. In this event, Escrow Agent is authorized to deduct from the deposit all costs incurred by the Escrow Agent in the filing and maintenance of such action.
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Escrow Agent shall incur no liability to anyone except for willful misconduct or gross negligence so long as Escrow Agent acts in good faith.
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