Escrow refers to a type of account in which the money, a mortgage or deed of trust, an existing promissory note secured by the real property, escrow "instructions" from both parties, an accounting of the funds and other documents necessary to complete the transaction by a date, is held by a third party, called an "escrow agent", until the conditions of an agreement are met. When the funding is complete and the deed is clear, the escrow agent will then record the deed to the buyer and deliver funds to the seller. The escrow agent or officer is an independent holder and agent for both parties who may receive a fee for their services.
This agreement is between a client and his attorney. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Hawaii Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legal document that outlines the terms and conditions of a real estate transaction in Hawaii. This agreement is used when a buyer is making a deposit to secure the purchase of a property, and the funds are held in an escrow account until the transaction is fully completed. Keywords: Hawaii, escrow agreement, sale of real property, deposit, estimated purchase prices, terms and conditions, real estate transaction, buyer, secure, escrow account, completed. There are different types of Hawaii Escrow Agreements for Sale of Real Property — Deposit of Estimated Purchase Prices based on the specific circumstances or parties involved in the transaction. Here are a few variants that may exist: 1. Residential Escrow Agreement: This type of agreement is used when the real property being sold is a residential property, such as a house, apartment, condominium, or townhouse. 2. Commercial Escrow Agreement: If the property in question is a commercial property, such as an office building, retail space, or industrial property, a commercial escrow agreement is utilized to outline the terms of the transaction. 3. Vacant Land Escrow Agreement: When the real property being sold is vacant land, an escrow agreement specific to this type of transaction is necessary to address any unique considerations related to land sales. 4. Condominium Escrow Agreement: In cases where the property being sold is a condominium unit, a condominium escrow agreement is used to account for the specific requirements and regulations associated with condominium ownership. 5. New Construction Escrow Agreement: This type of agreement is employed when the property being sold is newly constructed or under development. It may include additional provisions related to inspections, warranties, and construction timelines. 6. Short Sale Escrow Agreement: In situations where the seller is facing financial hardship and the property is being sold for a price lower than the outstanding mortgage balance, a short sale escrow agreement is necessary to consent to the lender's involvement in approving the transaction. These are just a few examples of the various types of Hawaii Escrow Agreements for Sale of Real Property — Deposit of Estimated Purchase Prices that may exist, each designed to cater to the unique circumstances and requirements of different real estate transactions.
