The Earnest Money Escrow Agreement is a critical document in U.S. real estate transactions, serving as protection for both buyers and sellers. It is typically used when a buyer makes a good faith deposit (earnest money) to demonstrate serious intent to complete a purchase. The agreement defines how the deposit will be held, managed, and eventually disbursed by a neutral third party (escrow agent). This document is essential for establishing clear procedures and protecting all parties' interests during the period between contract signing and closing.
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1. Parties: Identification of buyer, seller, and escrow agent
2. Background: Context of the transaction and purpose of the escrow arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment of Escrow Agent: Formal designation of escrow agent and acceptance of role
5. Deposit of Funds: Amount, timing, and method of earnest money deposit
6. Escrow Agent's Duties: Responsibilities and obligations of the escrow agent
7. Release Conditions: Terms under which funds will be released
8. Term and Termination: Duration of agreement and termination provisions
1. Interest Earnings: Terms for handling interest earned on deposited funds when escrow funds are placed in an interest-bearing account
2. Dispute Resolution: Procedures for handling disputes between parties when specific dispute resolution mechanisms are required
3. Electronic Transactions: Provisions for electronic communications and transfers when parties agree to conduct business electronically
4. Multiple Party Provisions: Special terms for multiple buyers or sellers when transaction involves multiple parties on either side
1. Schedule A - Contact Information: Detailed contact information for all parties
2. Schedule B - Wire Transfer Instructions: Banking details for fund transfers
3. Schedule C - Release Authorization Form: Template for authorizing release of funds
4. Schedule D - Underlying Purchase Agreement Reference: Key details from the related purchase agreement
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