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.
An escrow agreement is a vital legal document used in real estate transactions to establish a secure and fair arrangement for the deposit of purchase prices. In the case of Oklahoma, the Oklahoma Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices serves as a crucial tool to protect the interests of both parties involved in the sale of real property. This escrow agreement outlines the specific terms and conditions under which the estimated purchase prices for the property will be deposited and held by a neutral third party, known as the escrow agent. The agreement typically begins by identifying the parties involved, namely the buyer, the seller, and the escrow agent. The Oklahoma Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices outlines the responsibilities and obligations of all parties. It details the estimated purchase prices, including any applicable taxes, closing costs, or fees associated with the transaction. Additionally, the agreement may provide provisions for prorating property taxes and association fees, if applicable. One variation of the Oklahoma Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is when the property is subject to financing. In such cases, the agreement may include provisions regarding the disbursement of funds following the completion of the financing process. Another variation of the escrow agreement occurs when the property is being sold "as is." This type of agreement may incorporate specific clauses that address any potential issues or liabilities associated with the condition of the property. To ensure compliance with Oklahoma state laws and regulations, the Oklahoma Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices will typically include a section that outlines any applicable legal requirements for the escrow process. It is crucial for all parties to familiarize themselves with these laws to ensure a smooth and legally sound transaction. In summary, the Oklahoma Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices provides a comprehensive framework for the secure deposit of estimated purchase prices during real estate transactions. Whether the property is being financed or sold "as is," this agreement serves as a legally binding contract that safeguards the interests of both buyer and seller. Understanding the distinct variations and adhering to Oklahoma state laws is crucial to executing a successful escrow process.
