Washington Escrow Agreement Governing the Deposit of Funds with Escrow Agent, to Be Paid to Specified Party on A Certain Date
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How to fill out Escrow Agreement Governing The Deposit Of Funds With Escrow Agent, To Be Paid To Specified Party On A Certain Date?
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FAQ
The escrow agreement is a contract entered by two or more parties under which an escrow agent is appointed to hold in escrow certain assets, documents, and/or money deposited by such parties until a contractual condition is fulfilled.
The escrow agent is an independent third party in charge of holding the assets, documents, and/or money in escrow until the contractual condition is fulfilled in the terms and conditions established by the parties in the escrow agreement. The escrow agent might be a natural person or entity.
The escrow instructions define the events and conditions that must take place and the manner in which the escrow agent shall deliver or release to the beneficiary of the escrow the assets, documents, and/or money held in escrow. The escrow instructions are commonly contemplated by the escrow agreement.
Escrow agents have a fiduciary duty to both parties involved in the transaction, meaning that they are required to act in the financial interests of both the buyer and the seller and must ensure that the terms of the contract are followed.
A thorough escrow agreement will list out the information that should be included in JWI or any instructions, such as the amount to be released, the party to whom the funds should be delivered, payment instructions and tax characterizations, or alternatively attach an instructions template to the escrow agreement.
An escrow agent essentially serves as a neutral middleman in the context of an escrow agreement. An escrow agreement is a contract between two parties whereby each agrees that a third party should hold an asset on their behalf until their transaction is completed.
Most escrow agreements are put into place when one party wants to make sure the other party meets certain conditions or obligations before it moves forward with a deal. For instance, a seller may set up an escrow agreement to ensure a potential homebuyer can secure financing before the sale goes through.
The escrow holder prepares written escrow instructions* that reflect the terms of the purchase agreement and all conditions of the transaction. The buyer and seller will sign the escrow instructions, and make any necessary earnest money deposits.
