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AGREEMENT between [name of seller] (Seller), [name of escrow agent] (Escrow Agent), and [name of buyer],(Buyer).
Seller and Buyer have simultaneously with the execution of this agreement entered into a contract (the Contract) by which Seller conveys to Buyer the following:
[list property to be conveyed]
The closing will take place 2024, 20XX, at [time], at the offices of [business], located at [address], or at such place and time Seller and Buyer may jointly designate in writing. In accordance with the Contract, Buyer must deposit $[amount down]. This amount will be considered a down payment on this account, and will be held in escrow by Escrow Agent.
The $[amount down] down payment referred to above has been paid to Escrow Agent by Buyer. Escrow Agent acknowledges receipt of $[amount down] from Buyer by check, subject to collection.
If the closing takes place under the Contract, Escrow Agent at the time of closing shall pay the amount deposited with Agent to Seller or in accordance with Seller’s written instructions. Escrow Agent shall make simultaneously transfer of the said property to the Buyer.
If no closing takes place under the Contract, Escrow Agent shall continue to hold the amount deposited until receipt of written authorization for its deposition signed by both Buyer 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 Buyer, or if an action or proceeding to determine Seller’s and Buyer’s rights is not begun or diligently prosecuted, Escrow Agent is under no obligation to bring an action or proceeding in court to deposit the sum held, but may continue to hold the deposit.
Escrow Agent assumes no liability except that of a stakeholder. Escrow Agent’s duties 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 the Escrow Agent acts in good faith.
[list any special provisions]
Whereof the parties sign their names this [day] day of [month], 20XX
Signed in the presence of: