Alaska Escrow Agreement between The TriZetto Group, Inc., the Finserv Securityholders, Stuart Schloss and Bankers Trust Co.
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FAQ
Who owns the money in an escrow account? The buyer in a transaction owns the money held in escrow. This is because the escrow agent only has the money in trust. The ownership of the money is transferred to the seller once the transaction's obligations are met.
Escrow agreements outline the terms and conditions of large transactions. The transaction is mediated by an independent escrow agent, who holds all funds and documents until both sides have fulfilled their promises.
In financial escrows, the fund is held until obligations are fulfilled. The property is to be redelivered to the other party to the transaction upon performance of the specific condition/conditions in the agreement.
At its most basic definition, a software escrow agreement is a contract between a software supplier and their client. It is made so that the client is guaranteed access to the software source code under some specific conditions, including bankruptcy or insolvency of the supplier and software maintenance issues.
To protect both the buyer and the seller, an escrow account will be set up to hold the deposit. The good faith deposit will sit in the escrow account until the transaction closes. The cash is then applied to the down payment. Sometimes, funds are held in escrow past the completion of the sale of the home.
The escrow agreement is a contract entered by two or more parties under which an escrow agent is appointed to hold in escrow certain assets, documents, and/or money deposited by such parties until a contractual condition is fulfilled.