VIEWS: 1,023 PAGES: 7 CATEGORY: Real Estate POSTED ON: 1/27/2010
An escrow agreement is an arrangement whereby an independent and trusted third party is used to receive and hold something of value until a certain condition has been fulfilled or when performance of an obligation has occurred. This document sets forth an agreement between a purchaser and vendor whereby physical possession of the real property is transferred to the purchaser prior to the closing date; however the purchase money and deed to the property are placed in escrow and will not be transferred until the closing pursuant to the underlying Purchase and Sale Agreement. This escrow agreement contains both standard escrow terms and customizable features.
"Escrow Agreement - Real Property"