An escrow may be terminated according to the escrow agreement when the parties have performed the conditions of the escrow and the escrow agent has delivered the items to the parties entitled to them according to the escrow instructions. An escrow may be prematurely terminated by cancellation after default by one of the parties or by mutual consent. An escrow may also be terminated at the end of a specified period if the parties have not completed it within that time and have not extended the time for performance.
Title: Ohio Instructions to Title Company to Cancel Escrow and Disburse the Funds Held in Escrow Introduction: In Ohio, when parties involved in a real estate transaction are ready to terminate an escrow arrangement and disburse the funds held in escrow, specific instructions need to be provided to the title company. This detailed description will elaborate on what an "Ohio Instruction to Title Company to Cancel Escrow and Disburse the Funds Held in Escrow" encompasses, along with instructions and relevant keywords. Key Concepts and Components: 1. Escrow Termination Criteria: Clearly define the conditions under which the escrow is to be canceled and funds disbursed. This may include completion of required inspections, release from contingencies, or fulfillment of contractual obligations. 2. Notifying All Parties: Ensure that all involved parties, such as the buyer, seller, and their respective attorneys or agents, receive prompt notification of the request to cancel escrow and the subsequent disbursement of funds. 3. Final Settlement Statement: Prepare a final settlement statement, detailing all financial aspects of the transaction, including the amounts held in escrow, outstanding fees, taxes, and any other relevant financial obligations. This statement serves as a reference for disbursing the funds accurately. 4. Clear and Unambiguous Instructions: Provide explicit instructions to the title company on the exact steps to be followed for canceling the escrow and disbursing the funds. Instructions should include the desired disbursement method, such as wire transfer or check, and any applicable tax documents or release forms required for disbursement. 5. Lien Releases and Outstanding Obligations: Ensure that any liens, encumbrances, or outstanding obligations related to the property are addressed and released before funds are disbursed. This may involve obtaining lien waivers or clearance certificates from contractors, lenders, or governmental entities. Types of Ohio Instructions to Title Company to Cancel Escrow and Disburse Funds: 1. Residential Real Estate Transactions: Instructions specific to canceling escrow and disbursing funds for residential property purchases, including single-family homes, condominiums, or townhouses. 2. Commercial Real Estate Transactions: Similar to residential transactions, these instructions involve canceling escrow and disbursing funds for commercial property sales, leases, or acquisitions. 3. Land and Development Transactions: Specialized instructions catered towards the termination of escrow arrangements and fund disbursement for land purchases, zoning changes, development agreements, or construction projects. 4. Foreclosure or Short Sale Transactions: Instructions tailored for bank-owned properties, foreclosures, or short sales, highlighting the specific requirements for canceling escrow and disbursing funds in these unique circumstances. Conclusion: Finalizing a real estate transaction often requires canceling an escrow arrangement and disbursing funds held in escrow. By providing a detailed and specific "Ohio Instruction to Title Company to Cancel Escrow and Disburse the Funds Held in Escrow," all parties involved can ensure a smooth and legally compliant conclusion to the transaction.
