This is a legally binding Real Estate Purchase Contract ("REPC"). Utah law requires real estate licensees to use this form.1. Enter the escrow file number and property information. A form of escrow agreement is a legal contract that guarantees a third party will hold the funds or property during an exchange. All UHC loans require an escrow account. An escrow account works like a savings account to pay for your annual property taxes and homeowners insurance premiums. Every month a portion of your monthly payment is placed into your escrow account to pay upcoming property tax and insurance disbursements. Changes to insurance premiums and property taxes can result in changes to your escrow and monthly payment. A real estate mutual release agreement allows two parties involved in a property-related contract to release each other from claims or liability. REALTORS® keep the funds of clients and customers in a separate escrow account.