Escrow Agreement Form Page 2
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2In the event the Seller has not completed the work as necessary to obtain a release of the
Escrowed Funds, by ______________________________ (the “completion date”), the Seller hereby
authorizes the Escrow Agent to:
Release the escrow funds to ___________________________________.
Other: _____________________________________________________
Escrow Agent makes no representation, express or implied, that the funds escrowed in said
amount will be sufficient to cover the cost of the work.
In the event the funds held in escrow by Escrow Agent are insufficient to cover the cost of the
work, the undersigned Buyers agree to look to the Sellers exclusively for payment or satisfaction of any
such deficiency over and above the amount of funds escrowed. Seller’s liability hereunder is not
limited to the amount of the Escrowed Funds.
No funds shall be disbursed without the written permission of all parties to this agreement or
their attorneys unless the work is not complete by the completion date. In the event of any
disagreement hereunder, or in the absence of any written instructions, Escrow Agent may retain the
Escrowed Funds pending written instructions mutually given or, in the sole discretion of Escrow Agent.
In the event that either party proceeds to litigation over this agreement or the Escrow Funds or
the work covered by this agreement, the Escrow Agent may deduct any reasonable legal fees incurred
as Escrow Agent, and the amount so deducted shall be assessed to the party commencing litigation.
Buyer and Seller acknowledge that Escrow Agent may be acting as counsel for the Seller, Buyer
and/or Lender, and agree that Escrow Agent may continue to act as such counsel, notwithstanding any
dispute or litigation arising with respect to the deposit or his or her duties as an Escrow Agent.
Additional terms and conditions are attached.
Executed as a sealed instrument this __________ day of __________________.
_______________________________
Escrow Agent: _________________________
_______________________________
_______________________________
BUYER: ________________________
SELLER: ________________________
_______________________________
_______________________________
BUYER: ________________________
SELLER: ________________________
Escrow Agreement v. 3.1
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Parent category: Business