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.
Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legal document that outlines the terms and conditions for the escrow of funds related to the sale of real estate in Franklin, Ohio. This agreement serves to protect both the buyer and the seller by ensuring the secure handling and distribution of funds throughout the transaction process. Keywords: Franklin Ohio, escrow agreement, sale of real property, deposit, estimated purchase prices. There are several types of Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices that may be applicable in different situations. Here are a few examples: 1. Residential Property Escrow Agreement: This type of agreement is used when a residential property, such as a house or condominium, is being sold in Franklin, Ohio. It specifies the terms for the deposit and handling of the estimated purchase prices, including any contingencies or conditions that need to be met before the funds are released. 2. Commercial Property Escrow Agreement: For commercial properties, such as office buildings or retail spaces, a different type of escrow agreement may be required. This agreement will have provisions tailored to the specific needs and complexities of commercial real estate transactions, ensuring the secure transfer of funds and compliance with applicable laws and regulations. 3. Land or Vacant Property Escrow Agreement: In cases where vacant land or undeveloped property is being sold, a specific escrow agreement can be used. This agreement will address any unique considerations related to the purchase price, including any obligations or stipulations related to land surveys, zoning regulations, or potential environmental concerns. 4. New Construction Escrow Agreement: If a property is still under construction or in the process of being developed, a new construction escrow agreement may be utilized. This agreement outlines the procedures for depositing and disbursing funds during the construction process, allowing for proper oversight and verification of payments to contractors, suppliers, and other parties involved. 5. Short Sale Escrow Agreement: A short sale occurs when a property is sold for an amount lower than the outstanding mortgage balance. In such cases, a short sale escrow agreement is employed to facilitate the negotiation and approval of the sale by the lender or lien holder. This agreement includes provisions to address the deposit and handling of the purchase price, as well as any specific conditions or requirements imposed by the lender. Each type of Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is designed to meet the unique needs and circumstances of the sale of different types of real estate property. By using these agreements, buyers and sellers can ensure a smooth and secure transaction process while protecting their rights and interests.Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is a legal document that outlines the terms and conditions for the escrow of funds related to the sale of real estate in Franklin, Ohio. This agreement serves to protect both the buyer and the seller by ensuring the secure handling and distribution of funds throughout the transaction process. Keywords: Franklin Ohio, escrow agreement, sale of real property, deposit, estimated purchase prices. There are several types of Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices that may be applicable in different situations. Here are a few examples: 1. Residential Property Escrow Agreement: This type of agreement is used when a residential property, such as a house or condominium, is being sold in Franklin, Ohio. It specifies the terms for the deposit and handling of the estimated purchase prices, including any contingencies or conditions that need to be met before the funds are released. 2. Commercial Property Escrow Agreement: For commercial properties, such as office buildings or retail spaces, a different type of escrow agreement may be required. This agreement will have provisions tailored to the specific needs and complexities of commercial real estate transactions, ensuring the secure transfer of funds and compliance with applicable laws and regulations. 3. Land or Vacant Property Escrow Agreement: In cases where vacant land or undeveloped property is being sold, a specific escrow agreement can be used. This agreement will address any unique considerations related to the purchase price, including any obligations or stipulations related to land surveys, zoning regulations, or potential environmental concerns. 4. New Construction Escrow Agreement: If a property is still under construction or in the process of being developed, a new construction escrow agreement may be utilized. This agreement outlines the procedures for depositing and disbursing funds during the construction process, allowing for proper oversight and verification of payments to contractors, suppliers, and other parties involved. 5. Short Sale Escrow Agreement: A short sale occurs when a property is sold for an amount lower than the outstanding mortgage balance. In such cases, a short sale escrow agreement is employed to facilitate the negotiation and approval of the sale by the lender or lien holder. This agreement includes provisions to address the deposit and handling of the purchase price, as well as any specific conditions or requirements imposed by the lender. Each type of Franklin Ohio Escrow Agreement for Sale of Real Property — Deposit of Estimated Purchase Prices is designed to meet the unique needs and circumstances of the sale of different types of real estate property. By using these agreements, buyers and sellers can ensure a smooth and secure transaction process while protecting their rights and interests.
