Fill and Sign the Agreement Residential Sale Form

ESCROW AGREEMENT 1. The Parties: SELLER___________________________________________________________________ Address___________________________________________________________________ City/County/State/Zip BUYER___________________________________________________________________ Address ___________________________________________________________________ City/County/State/Zip Escrow Agent ______________________________________________________________ Address ___________________________________________________________________ __________________________________________________________________________ City/County/State/Zip 2. Purpose of Agreement. Simultaneously with the making of this Agreement, Seller and Purchaser have entered into a contract (the Contract) by which Seller will sell to Purchaser the following property: The closing will take place on _________________, at ______________ __.m., at the offices of Escrow Agent or at such other time and place as Seller and Purchaser may jointly designate in writing. Pursuant to the Contract, Purchaser must deposit $____________________ as a down payment to be held in escrow by Escrow Agent. 3. Deposit of Escrow and Acknowledgment of Receipt. The down payment referred to hereinabove has been paid by Purchaser to Escrow Agent. Escrow Agent acknowledges receipt thereof from Purchaser by check, subject to collection. 4. Escrow Agent's Duties Upon Closing of Sale. If the closing takes place under the Contract, Escrow Agent at the time of closing shall pay the amount deposited with him to Seller or in accordance with Seller's written instructions. Escrow Agent shall make simultaneous transfer of - 1 - the said property to the Purchaser. - 2 - 5. Escrow Agent's Duties If Sale Does Not Close. If no closing takes place under the Contract, Escrow Agent shall continue to hold the amount deposited with him until he receives written authorization for its disposition signed by both Purchaser and Seller. If there is any dispute as to whom Escrow Agent is to deliver the amount deposited, Escrow Agent shall hold the sum until the parties' rights are finally determined in an appropriate action or proceeding or until a court orders Escrow Agent to deposit the down payment with it. If Escrow Agent does not receive a proper written authorization from Seller and Purchaser, or if an action or proceeding to determine Seller's and Purchaser's rights is not begun or diligently prosecuted, Escrow Agent is under no obligation to bring an action or proceeding to deposit the sum held by him in court, but may continue to hold the deposit. 6. Escrow Agent's Liability. Escrow Agent assumes no liability except that of a stake holder. Escrow Agent's duties are purely ministerial and are limited to those specifically set out in this Agreement. Escrow Agent shall incur no liability to anyone except for willful misconduct or gross negligence so long as Escrow Agent acts in good faith. Seller and Purchaser release Escrow Agent from any act done or omitted in good faith in the performance of Escrow Agent's duties. 7. Escrow Agent's Compensation. As full compensation for Escrow Agent's services, Escrow Agent shall be paid the sum of $___________________, together with any unreimbursed costs and expenses incurred by him in carrying out his duties. These sums shall become due when Escrow Agent fully discharges his duties and may be deducted from the amount deposited with Escrow Agent before delivery of the deposit in accordance with the terms of this Agreement. ______________________________________________ _______________________ SELLER Date ______________________________________________ _______________________ PURCHASER Date ______________________________________________ _______________________ ESCROW AGENT Date - 3 -