Fill and Sign the Real Estate Escrow Form

Escrow Agreement for Sale of Real Property -- Deposit of Estimated Purchase Prices Agreement made on the ___________________ (date) , between __________________ (Name of Client) of ____________________________________________________________ ___________ (street address, city, county, state, zip code) , referred to herein as Client, and ________________________ (Name of Attorney) , of ________________________________ _____________________________________ (street address, city, county, state, zip code) , referred to herein as Attorney . Whereas, Client has invested in residential and commercial properties in the United States in the past and desires to do so again; and Whereas, Client has retained Attorney for legal counsel and escrow agent in making said purchases; and Whereas, Client desires for Attorney to hold in trust the sum of $___________ (the Escrow Funds ) to be used in making said purchases and paying the expenses that result from such purchases; and In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows: 1. Duties of Attorney Acting as Escrow Agent The duties of Attorney acting as Escrow Agent shall be as follows: A. During the term of this Agreement, Attorney shall hold and disburse the Escrow Funds in accordance with the lawful written instructions of Client. The phrase written instructions may include E-Mail. B. Client agrees that Attorney assumes no liability in connection with this Agreement except for gross negligence or willful misconduct; that Attorney shall never be responsible for the validity, correctness, or genuineness of any document or notice referred to under this Agreement; and that Attorney may seek advice from his own counsel and shall be fully protected in any action taken by it in good faith in accordance with the opinion of its counsel. If Attorney is unable to determine at any time to whom the Escrow Funds should be delivered, or if a dispute develops between Client and a third party to whom the Escrow Funds should be delivered, then Attorney shall have the right to pay the Escrow Funds into a court of competent jurisdiction and interplead Client and such third part, and then Attorney shall be discharged of any obligation in connection with this Agreement. 2. Attorney acknowledges the receipt of the earnest money, and agrees to hold and deliver the earnest money in accordance with the terms and conditions of this agreement. Attorney shall not be entitled to any additional fees or other compensation for escrow agent's services under this agreement other than attorneys’ fees in accordance with the Retainer Agreement. It is understood that Attorney is only acting in the capacity of a depository. 3. Client agrees to indemnify Attorney against all losses, claims, damages, liability, and expenses, including, but not limited to, costs of investigation and legal counsel fees which may be imposed on Attorney as Escrow Agent or incurred by Attorney as Escrow Agent in connection with the performance of his duties under this Agreement, including, but not limited to, any litigation arising from this Agreement or involving the subject matter of this Agreement. 4. Attorney as Escrow Agent acts under this Escrow Agreement as a depository only, and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness, or validity of the subject matter of this Escrow Agreement or any part of the same, or for the form of execution of this Escrow Agreement, or for the identity or authority of any person executing or depositing such subject matter. Attorney shall be under no duty to investigate or inquire as to the validity or accuracy of any document, agreement, instruction, or request furnished to it under this Escrow Agreement believed by him to be genuine and Attorney may rely and act upon, and shall not be liable for acting or not acting upon, any such document, agreement, instruction, or request. Attorney shall in no way be responsible for notifying, nor shall it be his duty to notify, any party to this Escrow Agreement or any other party interested in this Escrow Agreement of any payment required under this Escrow Agreement, other than Client. 5. Attorney is authorized to invest the Escrow Funds in any United States Bank qualified to do and doing business in the State of Mississippi. Earnings on the Escrow Fund shall be earnings of Client, and all taxes in respect of earnings on the Escrow Fund shall be the obligation of and shall be paid when due by Client, who shall indemnify and hold Attorney harmless from and against all such taxes. 6. Client agrees to indemnify and hold Attorney harmless from all losses, costs, claims, demands, expenses, damages, penalties, and attorney's fees suffered or incurred by any Attorney as a result of anything which Attorney may do or refrain from doing in connection with this Escrow Agreement or any litigation, controversy, or cause of action arising from or in conjunction with this Escrow Agreement or involving the subject matter of this Escrow Agreement, including, but not limited to, arising out of the negligence of Escrow Agent; provided that the foregoing indemnification shall not extend to the gross negligence or willful misconduct of Escrow Agent. This indemnity shall include, but not be limited to, all costs incurred in conjunction with any interpleader which the Attorney may enter into regarding this Escrow Agreement. 7. Attorney acts under this Escrow Agreement as a depository only, and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness, or validity of the subject matter of this Escrow Agreement or any part of the same, or for the form of execution of this Escrow Agreement, or for the identity or authority of any person executing or depositing such subject matter. Attorney shall be under no duty to investigate or inquire as to the validity or accuracy of any document, agreement, instruction, or request furnished to it under this Escrow Agreement believed by him to be genuine and Attorney may rely and act upon, and shall not be liable for acting or not acting upon, any such document, agreement, instruction, or request. Attorney shall in no way be responsible for notifying, nor shall it be its duty to notify, any person (other than Client ) of any payment required or maturity occurring under this Escrow Agreement. 8. Attorney shall have sole discretion in the investment and reinvestment of all amounts from time to time credited to the Escrow Account. 9. Escrow Agent's Right to Deposit Funds in Interpleader if Controversy Arises If any controversy arises between Client and Attorney with respect to this Agreement or the Escrow Funds, Attorney shall not be required to determine the proper disposition of such controversy or the proper disposition of the Escrow Funds and shall have the absolute right, in its sole discretion, to deposit the Escrow Funds with the clerk of a court of competent jurisdiction, file suit in interpleader, and obtain an order from the court requiring all parties involved to litigate in such court their respective claims arising out of or in connection with the Escrow Funds. Upon the deposit by Attorney of the Escrow Funds with the clerk of the court of competent jurisdiction in accordance with this provision, Attorney shall be relieved of all further obligations and released from all liability under this Agreement. 10. Resignation of the Escrow Agent Attorney may resign at any time upon giving at least thirty (30) days’ written notice to the Client; provided, however that no such resignation shall become effective until the appointment of a successor Escrow Agent, which shall be accomplished as follows: Client shall use his best efforts to mutually procure a successor Escrow Agent within thirty (30) days after receiving such notice. If the Client fails to procure a successor Escrow Agent within such time, Attorney shall have the right to appoint a successor escrow agent authorized to do business in the State of _____________________ (Name of State) . The successor Escrow Agent shall execute and deliver an instrument accepting such appointment and it shall, without further acts, be vested with all the estates, properties, rights, powers, and duties of the Attorney as Escrow Agent as if originally named as Escrow Agent. Upon the effective appointment of a successor Escrow Agent, Attorney shall be discharged from any further duties and liability under this Agreement. 11. Severability The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 12. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 13. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ________________. 14. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 15. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 16. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 17. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 18. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 19. In this contract, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ________________________________ _________________________________ Printed Name & Signature of Attorney Printed Name & Signature of Client