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.
South Carolina Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legal document that outlines the terms and conditions for the deposit of estimated purchase prices in real estate transactions within the state of South Carolina. This agreement serves to protect parties involved in the sale of real property by ensuring a secure and reliable method for handling the funds. In South Carolina, there are different types of escrow agreements for sale of real property, each designed to cater to specific circumstances and parties involved. These may include: 1. Residential Escrow Agreement: This type of escrow agreement applies to the sale or purchase of residential properties, such as single-family homes, condominiums, or townhouses. The agreement defines the terms under which the estimated purchase price will be deposited into an escrow account until the closing of the transaction. 2. Commercial Escrow Agreement: This escrow agreement is tailored for commercial real estate transactions, involving properties like office buildings, retail spaces, or industrial facilities. It outlines the specific conditions related to the deposit of estimated purchase prices and may include additional provisions catering to the complexities of commercial real estate deals. 3. Land Escrow Agreement: When dealing with vacant land or undeveloped properties, a land escrow agreement is utilized. This agreement establishes the protocols for the deposit and disbursement of the estimated purchase prices specifically related to land transactions. The South Carolina Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices typically covers key aspects such as the identification of the parties involved (the buyer, seller, and escrow agent), a detailed description of the real property being sold, specifics regarding the deposit amount and payment schedule, conditions for the release of funds, provisions for potential dispute resolution, and any additional terms or conditions agreed upon by the parties. It is vital for all parties to carefully read and understand the South Carolina Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices before signing, as it legally binds them to its terms. Seeking legal advice or consulting a real estate professional is recommended to ensure compliance with South Carolina state laws and regulations, and to protect the rights and interests of all parties involved.
