Escrow refers to a type of account in which the money, a mortgage or deed of trust, an existing promissory note secured by the real property, escrow "instructions" from both parties, an accounting of the funds and other documents necessary to complete the transaction by a date, is held by a third party, called an "escrow agent", until the conditions of an agreement are met. When the funding is complete and the deed is clear, the escrow agent will then record the deed to the buyer and deliver funds to the seller. The escrow agent or officer is an independent holder and agent for both parties who may receive a fee for their services.
This agreement is between a client and his attorney. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Suffolk New York Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legal contract used in Suffolk County, New York, for the sale of real property. This agreement involves the deposit of the estimated purchase prices into an escrow account, which serves as a neutral third party for the transaction. In this agreement, the buyer, seller, and escrow agent agree to specific terms and conditions to ensure a smooth and secure transaction. The escrow agent is typically a trusted attorney or title company, responsible for holding and distributing the funds according to the agreement terms. The Suffolk New York Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices ensures that the buyer's funds are protected until all the agreed-upon conditions of the sale are met. It provides a framework for the deposit and release of the purchase prices, addressing potential contingencies, such as inspections, title searches, financing, and other conditions. There are various types of Suffolk New York Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices, tailored to specific situations or contingencies: 1. Standard Escrow Agreement: This is the most common form used for the sale of real property. It outlines the basic terms of the escrow, including the deposit amount, timeline, and conditions for releasing the funds. 2. Contingency Escrow Agreement: This type of agreement includes specific contingencies that must be met before the funds are released. These contingencies may encompass inspections, repairs, or financing approvals. The agreement may explicitly state the actions required by either party to resolve any contingencies. 3. New Construction Escrow Agreement: This agreement is designed for the sale of newly constructed properties. It often includes additional terms relating to the construction process, such as the completion of specific phases or adherence to building codes. The release of funds may occur in stages based on the completion of construction milestones. 4. Short Sale Escrow Agreement: This agreement is specifically for situations where the property is being sold for less than the outstanding mortgage balance. It addresses the unique requirements and negotiations involved in short sales, often involving additional documentation and approvals from the lender or mortgage holder. In summary, the Suffolk New York Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is an essential legal contract that protects the interests of both buyers and sellers in real estate transactions. It ensures the secure deposit and release of funds, while also addressing any contingencies or special circumstances that may arise during the sale process.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
