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.
Pennsylvania Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legally binding agreement between a buyer, seller, and escrow agent when it comes to the sale of real property. This contract outlines the terms and conditions for depositing the estimated purchase prices into an escrow account until the transaction is completed. Keywords: Pennsylvania, Escrow Agreement, Sale of Real Property, Deposit, Estimated Purchase Prices. There are several types of Pennsylvania Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices, which may include: 1. Residential Property Escrow Agreement: This type of agreement is specific to the sale of residential real estate, such as houses or condominiums. It outlines the responsibilities of the buyer, seller, and escrow agent regarding the deposit of estimated purchase prices. 2. Commercial Property Escrow Agreement: This agreement pertains to the sale of commercial real estate properties, including office buildings, retail spaces, or industrial properties. It details the deposit process for the estimated purchase prices and covers any specific provisions relevant to commercial transactions. 3. Vacant Land Escrow Agreement: When selling vacant land, this type of escrow agreement comes into play. It addresses the deposit of estimated purchase prices for undeveloped or unimproved parcels of land, ensuring the funds are securely held until the completion of the transaction. 4. Investment Property Escrow Agreement: This specific agreement relates to the sale of investment properties, such as rental properties or properties for development purposes. It lays out the terms for depositing the estimated purchase prices into escrow, taking into account any rental agreements or development plans. In summary, the Pennsylvania Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a comprehensive contract designed to protect the interests of all parties involved in a real estate transaction. It ensures the secure holding of funds until the completion of the sale, giving peace of mind to both the buyer and seller.
