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Digi sign escrow agreement template

hi Dana sparks Broker of maximum one Greater Atlanta Realtors and this week's contract tip has to do with an escrow agreement now there might be a situation in which the buyer and the seller choose to escrow funds until a certain contract negotiation issue has been performed or achieved for example repairs a lot of times the buyer on the seller negotiate for repairs and just for some insurance sake the buyer will ask the seller to escrow a certain amount of money so that when they get to closing if the repairs have not been completed there are fun to escrowed so the buyer can have the repairs completed from those funds and if they are completed then just release those funds back to the seller so instead of you having to write out a special stipulation which may or may not cover the proper legal components for the disbursement of those funds and the holding of those funds and all of that information there is an escrow agreement already written for you in both the GAR contract forms package and the re forms package so in the GAR contracts it is f-85 and it is called escrow agreement take a look at that and basically it talks about how much money it has a date and you reference the purchase and sale agreement then it has the amount of money that is being escrows it has a also has a place for a document probably to be used in a in a commercial or business situation if you need to escrow certain documents for example business pls and things like that but regardless you guys are mostly probably going to use it for funds rather than documents and then you have the funds shall be used for the following purpose and that for youdescribe repair issues so forth and so on and then it has escrow agent shall release funds upon the occurrence of following and that's where you write out what and when has to be performed for example repairs or anything else you fill in the name of who the money is being held by the escrow agent how much and then who shall give notification upon the completion of whatever that issue is the re forms is re form 2:15 and it is called escrow a funds agreement same thing it taught it it references the contract it talks about the parties it states under what conditions that the the terms have been fulfilled for the escrow agent to release those escrow funds and then it talks about if there is a lender involved and it is the fire escrowing money that it must be approved through the lender first but typically in this situation especially with repair issues we see the seller s growing funds not the buyer and then it basically says that there is a dispute over the disbursement of those funds that the escrow agent has the authority to either wait until a written agreement between the parties is achieved and sent to the escrow agent or the escrow agent may disburse interplead those funds into the registry of a court of competent jurisdiction in that area to let a judge decide so again just take a look at those documents especially if you are negotiating to escrow repair funds for a certain period of time or to ensure that the seller does perform the repairs thank you so much for watching again Dana sparks Broker of maximum one Greater Atlanta Realtors satisfying your needs with service innovation and education you