Escrow Agreement for Real Estate Transactions

ESCROW AGREEMENT FOR REAL ESTATE TRANSACTIONS

Parties and Recitals

This Escrow Agreement (Agreement) is made and entered into by and between:

Property Identification

Purchase and Escrow Terms

Purchase Price: $    Earnest Money Deposit: $ deposited with Escrow on .

Closing Date: . Possession Date: .

Escrow Agent Duties and Instructions

Escrow Agent shall hold all deposited funds and documents in escrow and shall disburse such funds and deliver documents only upon receipt of joint written instructions signed by both Buyer and Seller, or as otherwise provided herein. Escrow Agent's duties are limited to those instructions and to performing ministerial acts consistent with standard title and escrow practice.

Conditions to Closing: Escrow Agent shall not disburse funds except upon satisfaction or written waiver of the following conditions:

1. Receipt of fully executed deed or instrument of conveyance acceptable to Buyer and title company;
2. Receipt of funds necessary to complete the Purchase Price;
3. Issuance of a title insurance policy insuring Buyer as owner subject only to permitted exceptions;
4. Satisfaction or waiver of identified contingencies set forth in this Agreement.

Contingencies and Inspections

Inspection Period: Buyer shall have days from opening of escrow to complete inspections and provide written notice of any objections.

Financing Contingency: Yes No    Loan Commitment Deadline:

Deposits, Escrow Funds and Disbursements

All escrow funds shall be held in a non-interest bearing account unless otherwise agreed in writing. Escrow Agent may charge reasonable fees and costs to the parties as set forth below and shall provide an accounting of all receipts and disbursements on or prior to closing.

Escrow and title fees shall be paid by: Buyer Seller Split as agreed

Disclosures and Representations

Seller represents that, to Seller's actual knowledge, there are no material defects not otherwise disclosed and that Seller will deliver all seller disclosures required by law.

Lead-Based Paint Disclosure: Yes No

Default, Remedies and Indemnity

In the event of default by Buyer or Seller under the underlying purchase agreement, the non-defaulting party may pursue all remedies available at law or in equity. Escrow Agent shall not be liable for acts done in good faith or for following the written instructions of the parties. Each party agrees to indemnify and hold Escrow Agent harmless from any claim, loss, or liability arising from the party's breach of representation or instructions, except for willful misconduct or gross negligence by Escrow Agent.

Termination and Dispute Resolution

This Agreement may be terminated by mutual written agreement of Buyer and Seller or by written instructions to Escrow Agent. If the parties cannot agree on disposition of escrowed funds, Escrow Agent may, at its election, interplead the funds or deposit the funds with the appropriate court and be discharged from further liability. The parties agree that disputes arising under this Agreement shall be governed by the law of the state where the Property is located.

Notices

Notices required under this Agreement shall be in writing and delivered to the addresses below by personal delivery, nationally recognized overnight courier, or first-class mail, postage prepaid.

Miscellaneous Provisions

Entire Agreement: This Agreement, together with any incorporated escrow instructions and the purchase agreement, constitutes the entire agreement among the parties with respect to the subject matter and supersedes all prior negotiations and agreements. This Agreement may be amended only by a written instrument signed by Buyer and Seller.

Severability: If any provision of this Agreement is held invalid, illegal, or unenforceable, the remaining provisions shall remain in full force and effect.

Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

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