Escrow Agreement Template printable pdf download

ESCROW AGREEMENT

This Escrow Agreement is made this _____ day of __________, 200_, by and among

_____________________. (hereinafter in this agreement, the “Seller”) and ________________

(hereinafter in this agreement the “Purchaser”)

The sums of $_____________________ pending ___________________________________shall

be held in a non-interest bearing escrow (herein collectively called the “Escrow Deposits”), by

(hereinafter the “Escrow Agent”), in trust, and disbursed only in accordance with the

following provisions:

Upon receipt of ______________________________________________, Escrow Agent

may release the Escrow Deposits to Seller. Otherwise, the provisions set forth below

shall be followed. In the event that the __________________ is not received within 120

days of the date of this agreement, Escrow Agent may use the Escrow Deposits to take

such action as it reasonably deems necessary to obtain the _____________ or a legal

equivalent thereto.

All instructions to the Escrow Agent shall be given in writing. If said instructions have

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been signed by both Seller and Purchaser, then the Escrow Agent shall carry out said

instructions immediately. If the instructions have been signed by only Seller or

Purchaser, then the Escrow Agent shall immediately send a copy of said instructions to

the other party. If the other party has not delivered to the Escrow Agent written

objections to the proposed action set forth in said instructions within ten days (10) days

of receipt of said instructions, then the Escrow Agent shall act in accordance with said

instructions. If the Escrow Agent receives an objection to its acting in accordance with

said instructions within the ten (10) day period, then it shall not proceed until it

receives instructions signed by both parties, or until directed by a Court of competent

jurisdiction.

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In the event joint written instructions are not received by the Escrow Agent with

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respect to the Escrow Deposits within thirty (30) days of the receipt by it of conflicting

or unilateral instructions, the Escrow Agent may, if it so elects, commence an action in

the nature of an interpleader or declaratory judgment action in the New Jersey

Superior Court, ___________________County, to determine the title to, or disposition

of, the Escrow Deposits and all accrued interest. The Purchaser and Seller shall be

jointly and severally liable to Escrow Agent for reasonable attorneys’ fees, costs and

expenses in connection with the commencement and prosecution of such a suit and any

appeal or appeals therefrom.

The Escrow Agent shall not be liable for any act done or omitted by it in good faith, or

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for anything which it may in good faith do or refrain from doing in connection with its

duties as Escrow Agent. The Escrow Agent is authorized to rely upon any document

reasonably believed by it to be signed by the parties hereto,

including transmissions by

Escrow Agreement Template

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