Escrow Agreement

The escrow agreement details the transfer of funds or other instrument form one party to another. When considering an escrow transaction should insist that the escrow agreement be in writing, and be reviewed by a lawyer. Every escrow agreement should include the stipulation which set forth:

• The names and addresses of the depositor, the escrow agent and the beneficiary;
• The amount of the escrow deposit;
• The name and address of the bank, title and account number where escrow funds will be deposited;
• Whether the funds will be deposited in a interest bearing account, and if so the details of distributing such interest;
• The conditions or event that must occur or be performed prior to the escrow agent can release the escrow funds;
• Time limits for the performance of these conditions;
• The names and addresses of all persons who will be paid the escrow fund; and
• The duties of the escrow agent in the event the conditions of the escrow agreement cannot or are not met.

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