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. When the funding is complete and the deed is clear, the escrow agent will then record the deed to the buyer and deliver funds to the seller. The escrow agent or officer is an independent holder and agent for both parties who may receive a fee for their services.
This agreement is between a client and his attorney. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Utah Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legally binding document that outlines the terms and conditions for the deposit of estimated purchase prices in real estate transactions in Utah. This agreement serves as a guarantee for both the buyer and seller that the funds will be securely held by a neutral third party, known as the escrow agent, until the closing of the sale. In Utah, there are several types of Escrow Agreements for the Sale of Real Property — Deposit of Estimated Purchase Prices, each serving a specific purpose in different real estate transactions. Some different types of escrow agreements include: 1. Residential Escrow Agreement: This type of escrow agreement is used in the sale of residential properties, such as houses, condos, and townhouses. It outlines the terms and conditions for the deposit of the estimated purchase price and ensures the funds are held securely until all the conditions of the sale are met. 2. Commercial Escrow Agreement: This agreement is specifically designed for commercial real estate transactions, including the purchase or sale of office buildings, retail spaces, industrial properties, and other commercial properties. It includes provisions that cater to the unique aspects of commercial real estate transactions. 3. Vacant Land Escrow Agreement: Used when selling or purchasing vacant land, this escrow agreement protects the interests of both the buyer and seller during the transfer of ownership. It ensures the funds are held securely until all necessary inspections, surveys, and permits are completed. 4. New Construction Escrow Agreement: This type of escrow agreement is utilized in the purchase of newly constructed properties or properties under construction. It includes provisions for the disbursement of funds at different stages of the construction process and ensures the completion of the property according to the agreed-upon specifications. Regardless of the type of Utah Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices, it is crucial for both parties involved to review the terms and conditions carefully before signing. This agreement provides protection and security for the buyer, the seller, and their investments in the real estate transaction.
