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1. Introduction. Agreement made [date] by [name],
residing at [address] (Seller), [name], residing at [address]
(Purchaser), and [name], with offices at [address] (Escrow Agent).
2. Purpose of Agreement. Simultaneously with the making of
this Agreement, Seller and Purchaser have entered into a contract
(Contract) by which Seller will sell to Purchaser the following
property: [description of property]. The closing will take place on
[date] at [hour] AM [PM] [time zone] at the offices of [name]
located at [address] or at such other time and place as Seller and
Purchaser may jointly designate in writing. Pursuant to the Contract,
Purchaser must deposit ---------- dollars ($----------) as a down
payment to be held in escrow by Escrow Agent.
3. Deposit of Escrow and Acknowledgment of Receipt. The
---------- dollars ($----------) down payment referred to in Paragraph 2
of this Agreement has been paid by Purchaser to Escrow Agent. Escrow
Agent acknowledges receipt of ---------- dollars ($----------) 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 Escrow Agent to Seller or in
accordance with Seller's written instructions.
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 Escrow Agent until receiving 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 Escrow Agent in court, but may continue to hold the deposit.
6. Escrow Agent's Liability. Escrow Agent assumes no
liability except that of a stakeholder. 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 as 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 Rights. Escrow Agent may consult with
counsel of Escrow Agent's choice and shall be fully protected in any
action taken by Escrow Agent in good faith in accordance with counsel's
advice. Escrow Agent need not defend any action or proceeding brought
against Escrow Agent with respect to the subject matter or terms of this
Agreement unless Escrow Agent receives a written request to do so signed
by Seller and Purchaser and is indemnified to Escrow Agent's
satisfaction against the cost and expense, including legal fees, of the
defense. Escrow Agent shall not be required to institute any actions or
proceedings. Escrow Agent shall be fully protected if Escrow Agent acts
in accordance with any written instructions delivered to Escrow Agent
that Escrow Agent believes have been signed by Seller and Purchaser.
8. Escrow Agent's Compensation. As full compensation for
Escrow Agent's services, Escrow Agent shall be paid the sum of
---------- dollars ($----------) together with any unreimbursed costs
and expenses incurred by Escrow Agent in carrying out Escrow Agent's
duties. These sums shall become due when Escrow Agent fully discharges
Escrow Agent's 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.
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]