Assignment and Instruction to Apply Escrowed Funds
About this form
The Assignment and Instruction to Apply Escrowed Funds is a legal document that allows a grantor to transfer all rights in a real estate purchase contract to a trust department. This form directs the trust department to use any escrowed funds associated with an exchange agreement for the purchase of the specified property. Unlike other real estate forms, this document specifically focuses on the assignment of rights and the application of funds, making it essential for certain transactions.
Main sections of this form
- Grantor information: Identify the party assigning rights.
- Trust department: Specify the trust department receiving the rights.
- Contract details: Reference the real estate purchase contract being assigned.
- Escrowed funds: Instructions regarding the application of funds related to the exchange agreement.
- Signatures: Required signatures of the grantor and possibly the trust department representative.
When to use this form
This form is typically used when a grantor wants to assign their rights in a real estate purchase contract to a trust department. Situations may include estate planning, investment transactions, or when managing funds held in escrow. It ensures that the trust department can proceed with the purchase using funds properly allocated under the exchange agreement.
Who this form is for
This form is intended for:
- Individuals or entities involved in a real estate transaction.
- Grantors wanting to assign contract rights to a trust or investment department.
- Trust departments handling escrowed funds for property purchases.
- Attorneys or legal representatives facilitating property transfers on behalf of clients.
How to complete this form
- Identify the grantor and trust department by entering their names in the designated fields.
- Specify the date of the exchange agreement and the relevant real estate purchase contract.
- Provide details of the property involved in the contract, referencing it clearly.
- Include instructions for applying the escrowed funds to the property purchase.
- Ensure the grantor signs and dates the form to validate the assignment.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to include all required details about the property and the escrowed funds.
- Not properly signing or dating the form, which can lead to disputes.
- Using outdated contract references that do not match current agreements.
- Neglecting to consult with legal counsel when needed, especially for complex transactions.
Advantages of online completion
- Convenience of downloading and completing the form at your own pace.
- Editability allows for customization to suit specific transaction needs.
- Reliable legal templates drafted by licensed attorneys to ensure compliance.
- Access to continuous support and resources related to real estate transactions.
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FAQ
The principals to the escrow (buyer, seller, lender or borrower) or the real estate agents, if any, will provide the escrow officer with the information necessary for the escrow officer to prepare escrow instructions. Generally, a party holding real estate escrow funds requires the buyer and seller sign an escrow
- many cases, the purchase contract itself serves as the basis for the escrow instructions.
Escrow instructions. Written directions, signed by a seller and buyer, detailing the procedures necessary to close a transaction and directing the escrow officer how to proceed.
Escrow instructions define the events that must take place prior to an escrow closing. The escrow instructions are your written instructions to the escrow holder acknowledging the terms and conditions of the sale. An itemized statement is included with your instructions, reflecting all agreed upon debits and credits.
An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.
8. When does escrow typically open and how does it work? In the typical escrow, the principals to the real estate transaction that requires an escrow (borrower, lender, buyer and/or seller) cause escrow instructions to be created, signed, and delivered to the escrow officer.
As such, an escrow holder is entitled to file an action of interpleader and for declaratory relief to ask a court of competent jurisdiction to resolve the controversies and to direct the escrow holder on how to proceed. Properly drawn and executed escrow instructions become an enforceable contract/agreement.
Contact the Department of Revenue or the appropriate local government department in your area that is in charge of property taxes for the payment due date. Select a bank to open an escrow account. If possible, get an escrow account at a bank that offers interest on funds deposited in the account.
