The Washington Agreement of Sale of Commercial Building with Joint Escrow Instructions is a legally binding document used in real estate transactions involving the sale of commercial buildings in the state of Washington. This agreement outlines the terms and conditions under which the property will be transferred from the seller to the buyer, including the purchase price, closing date, and any contingencies or special provisions. One type of Washington Agreement of Sale of Commercial Building with Joint Escrow Instructions is the "Standard Agreement." This is a commonly used template that covers the basic elements of a commercial real estate transaction, providing a framework for both parties to negotiate and finalize the deal. It includes provisions related to the inspection period, warranties, title transfer, and dispute resolution. Another type is the "Custom Agreement." This is a more flexible version that allows the parties involved to tailor the agreement to their specific needs. It may include additional clauses regarding financing arrangements, tenant leases, or ongoing obligations of the seller. The agreement typically includes the following key elements: 1. Parties: Identifies the legal names and contact information of the buyer and seller, as well as any other involved parties, such as brokers or escrow agents. 2. Property Description: Provides a detailed description of the commercial building, including its address, legal description, and any unique features or amenities. 3. Purchase Price and Terms: Specifies the agreed-upon purchase price, earnest money deposit, and any financing arrangements or contingencies. It also outlines the payment schedule and conditions for completing the transaction. 4. Due Diligence: States the timeline and procedures for the buyer to conduct inspections, investigations, and reviews of the property. It may include clauses allowing the buyer to terminate the agreement or request repairs based on the findings. 5. Title and Closing: Outlines the obligations of the seller to deliver clear and marketable title to the property. It also includes instructions for the closing process, including the selection of an escrow agent to handle the funds and documents. 6. Contingencies: Addresses any contingencies that must be satisfied before the sale can proceed, such as obtaining financing, zoning compliance, or satisfactory environmental reports. 7. Representations and Warranties: Specifies the representations and warranties made by both parties regarding the property's condition, legal compliance, and financial aspects. 8. Escrow Instructions: Provides detailed instructions to the escrow agent on how to handle the funds, documents, and other requirements necessary to complete the transaction. It is important for both buyers and sellers to consult with an experienced real estate attorney when drafting or reviewing the Washington Agreement of Sale of Commercial Building with Joint Escrow Instructions to ensure that their rights and interests are adequately protected throughout the transaction.
Washington Agreement of Sale of Commercial Building with Joint Escrow Instructions
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The escrow instructions define the events and conditions that must take place and the manner in which the escrow agent shall deliver or release to the beneficiary of the escrow the assets, documents, and/or money held in escrow. The escrow instructions are commonly contemplated by the escrow agreement.
The escrow holder will also request a Statement of Information from the parties to clear title. The escrow holder then prepares escrow instructions providing for specifics of the sale, and obtains loan documents from the lender funding the new purchase.
In the event of a conflict between a purchase agreement and escrow instructions, the escrow instructions will prevail because they are more recent. If the parties are unable to resolve a conflict, the escrow agent should interplead any funds or items that have already been deposited into escrow.
In California, there are two forms of escrow instructions generally employed: bilateral (i.e., executed by and binding on both buyer and seller) and unilateral (i.e., separate instructions executed by the buyer and seller, binding on each).
Escrow instructions normally identify the escrow holder's contact information and escrow number, license number, important dates including the date escrow opened, as well as the date it is scheduled to close, the names of the parties to the escrow, the property address and legal description, purchase price and terms, ...
Joint Escrow Instructions means any joint written instructions to Escrow Agent executed by both the Company and DLJMB. Joint Escrow Instructions means a letter executed by Seller and Buyer to the Closing Agent confirming that all conditions to Closing have been satisfied or waived by the parties.
Both buyer and seller must agree to amend the escrow instructions.
The bilateral escrow agreement or instructions, used almost exclusively in Southern California (unlike unilateral escrow instructions frequently used in Northern California) was deemed the best form for the escrow process because both buyer and seller were usually present, as a matter of regional practice.