Escrow Agreement printable pdf download

BBC Title Agency

38505 Woodward Ave., Ste. 1500

Bloomfield Hills, MI 48304

Phone: (248) 644-1500

ESCROW AGREEMENT

DATE: August 19, 2015

FILE NUMBER:

PROPERTY ADDRESS:

LEGAL DESCRIPTION:

Deposited with you herewith are the following:

Instrument entitled “Claim of Lien” which asserts a claim by ‘TRADE” against the captioned

property and which instrument is recorded in Liber ___________, Page ______________,

_______________ County Records (herein “the Claim”).

The sum of $________________________________(“the Funds”)

The funds represent monies deposited as security against the enforcement of the

claim.

Escrow Agent is, authorized and directed to release said funds upon further

deposit with Escrow Agent of an instrument in recordable form signed by the claimant which properly releases and

discharges the claim from the funds Escrow Agent is authorized and directed to pay the cost of recording said

instrument.

You are further authorized and directed to release the funds in accordance with

any written instructions which shall clearly indicate the payee, method of delivery and amount, signed by both parties.

Release and discharge of the Claim of Lien shall occur no later than [Insert

Number of days]

from the date of this Agreement.

Upon making such delivery, and performance of any other services included above, BBC Title Agency (Escrow Agent)

will thereupon be released and acquitted from any further liabilities concerning the deposit, it being expressly

understood that such liability in any event is limited by the terms and conditions set forth herein.

By acceptance of this agency, Escrow Agent is in no way assuming responsibilities for the validity or authenticity of the

subject matter of the deposit.

In the event of noncompliance with the terms above or failure by the parties to provide Escrow Agent with a single set

of written instructions, signed by both parties to this escrow agreement regarding disposition of the subject matter,

Escrow Agent may, in its absolute and sole discretion, at any time do the following:

Initiate an interpleader action in any circuit court in the state of Michigan naming both parties to this

agreement and all other claimants and interested parties as parties and deposit all funds or other

security in escrow with the clerk of such court in full acquittance of its responsibilities under this

Agreement.

In the event of any dispute relative to any of the duties of Escrow Agent, herein, all the undersigned parties, jointly and

severally, hereby indemnify and hold harmless Escrow Agent from and against any loss or damage, including, but not

limited to any attorney fees incurred by Escrow Agent relative to said duties.

Funds left on balance in this escrow and not claimed within ______ days, from the date of this agreement shall be

subject to a monthly administrative fee of $50.00 deducted from the balance, 

Any changes in the terms or conditions herein may be made only in writing and signed by all parties or their duly

authorized representatives.

Witnessed by:

Signed by:

__________________________

_________________________________

By:

Its:

__________________________

_________________________________

By:

Its:

We hereby accept the above escrow subject matter under the terms and conditions setforth therein.

_______________________________________ BBC TITLE AGENCY (Escrow Agent)

date:

Escrow Agreement

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