District of Columbia Escrow Agreement Governing the Deposit of Funds with Escrow Agent, to Be Paid to Specified Party on A Certain Date
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FAQ
Opening escrow Escrow opens when you and the seller sign Escrow Instructions. These instructions tell the escrow company what must be done before the purchase money and property title are exchanged. The escrow company cannot take any action unless the escrow instructions allow them to do so.
Hear this out loud PauseThe buyer and seller specify the conditions that must be met for closing to occur in a contract called escrow instructions. Escrow instructions are legally binding on an escrow agent. The agent must follow the instructions of not only the buyer and seller, but any other parties to the escrow.
The Department of Financial Protection and Innovation licenses and regulates escrow agents, joint control agents and Internet escrow agents in California.
Hear this out loud PauseEscrow agents have a fiduciary duty to both parties involved in the transaction, meaning that they are required to act in the financial interests of both the buyer and the seller and must ensure that the terms of the contract are followed.
Hear this out loud PauseThe escrow agreement is a contract entered by two or more parties under which an escrow agent is appointed to hold in escrow certain assets, documents, and/or money deposited by such parties until a contractual condition is fulfilled.
The escrow holder does not act as a mediator. However, the escrow holder/agent may offer advice to the principals as an agent and fiduciary within the course and scope of the escrow instructions.
The escrow holder prepares written escrow instructions* that reflect the terms of the purchase agreement and all conditions of the transaction. The buyer and seller will sign the escrow instructions, and make any necessary earnest money deposits.
Hear this out loud PauseThe funds are held by the escrow service until it receives the appropriate written or oral instructions. In financial escrows, the fund is held until obligations are fulfilled. The property is to be redelivered to the other party to the transaction upon performance of the specific condition/conditions in the agreement.
