I agreed to make some repairs after closing but the buyer is now willing to taking over that responsibility for a lump sum payment. The agreement is called a license and not a lease or rental.Your premier full service business escrow company servicing South San Jose Hills. We offer holding, commercial and business escrow services. If you are buying or selling a property in the Bay Area, consider using an escrow account to protect your transaction. Information provided in the Contract Documents is true, complete, and correct. Seller shall, prior to Close of Escrow, Deliver to Buyer written documentation relating to any repairs undertaken pursuant to this Contract. If so, terms and conditions need to be in a separate Agreement regarding the seller retaining possession? An escrow agreement outlines the conditions and terms between the parties involved in the transaction as well as the responsibilities of each of the parties. It is several days before the scheduled closing and the rainy weather is delaying the installation of the new roof on the property being sold.