An escrow may be terminated according to the escrow agreement when the parties have performed the conditions of the escrow and the escrow agent has delivered the items to the parties entitled to them according to the escrow instructions. An escrow may be prematurely terminated by cancellation after default by one of the parties or by mutual consent. An escrow may also be terminated at the end of a specified period if the parties have not completed it within that time and have not extended the time for performance.
Description: South Carolina Instructions to Title Company to Cancel Escrow and Disburse the Funds held in Escrow is a legal document that instructs the title company to release and distribute the funds held in escrow to the designated parties involved in a real estate transaction. This document is typically used when certain conditions or contingencies of the sales contract have been met, and it is necessary to cancel the escrow account and disburse the funds accordingly. Key Terms/Keywords: 1. South Carolina: This refers to the state of South Carolina in the United States. 2. Instructions: Refers to the specific set of directions or guidelines provided to the title company. 3. Title Company: A company that ensures the legitimacy of property titles and facilitates the transfer of properties. 4. Cancel Escrow: The act of terminating the escrow account and releasing the funds held in it. 5. Disburse: The process of distributing the funds to the appropriate recipients as specified in the instructions. 6. Funds: The monetary amount held in escrow for the real estate transaction. 7. Escrow Account: A designated account where funds are held until the completion of a transaction or the fulfillment of certain conditions. 8. Real Estate Transaction: The buying, selling, or transfer of real property. 9. Legal Document: A written instrument that carries legal authority and is binding upon all parties involved. 10. Sales Contract: An agreement between the buyer and seller outlining the terms and conditions of a property sale. Types of South Carolina Instructions to Title Company to Cancel Escrow and Disburse the Funds held in Escrow: 1. Residential Sale Instructions: Specifically used for canceling escrow and disbursing funds in residential real estate transactions. 2. Commercial Sale Instructions: Similar to residential sale instructions but applicable to commercial real estate transactions. 3. Refinance Instructions: Used when refinancing a property, canceling the existing escrow, and dispersing any remaining funds or paying off outstanding debts. 4. Short Sale Instructions: Pertains to canceling escrow and dispersing the funds in a short sale, which involves selling a property for less than the outstanding mortgage balance. 5. New Construction Instructions: Unique instructions for canceling the escrow account and disbursing funds in new construction projects, where funds are often held until completion milestones are met. Note: The specific types of South Carolina Instructions to Title Company to Cancel Escrow and Disburse the Funds held in Escrow may vary based on the nature and complexity of the real estate transaction.
