Maine Construction Loan Escrow Agreement
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Description
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. This Construction Loan Escrow Agreement states the lender on a construction loan agrees to disburse proceeds to a borrower under certain provisions and terms for the completion of a construction project.
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