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Properties of this Escrow Agreement |
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 MS-Word format (.doc) |
2 pages |
566 words |
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Document Description:
An Escrow Agreement refers to a legal arrangement where a Buyer and Seller place items of value such as money, a title, deeds, software code, or other property into the trust of a third party (the Escrow Agent) until some specified event occurs or conditions are met whereby the Escrow Agent is authorized to release the property to the intended party. For example, in the sale of real estate, the contract often requires that the Buyer's down payment be paid in escrow to the real estate broker or other Escrow Agent, pending the transfer of title and ownership to the Buyer.
This document ensures a legally binding and smooth transaction between a Seller and Buyer as it protects them from fraud and non-payment or non-delivery.
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Features |
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