Escrow Thursday; Escrow Instructions

Escrow Instructions.

Escrow instructions are the written instructions, signed by the principal parties to the transaction that identify the duties and responsibilities of the escrow agent in carrying out the closing. It also identifies the thing or things of value held by the escrow agent and the specified condition or set of conditions under which the thing or things of value are to be transferred.

Escrow companies typically have their own printed instructions that disclose such things as;

1. Statement that the Settlement Statement is subject to a final audit.

2. Options for escrow if a dispute arises.

3. Statement that all parties agree that the terms and conditions of the Purchase and Sales Agreement have been met or waived to everyone’s satisfaction.

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