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Closing Escrow Agreement

Closing Escrow Agreement Template for Canada

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Key Requirements PROMPT example:

Closing Escrow Agreement

"I need a Closing Escrow Agreement for a multi-party commercial real estate transaction in Ontario, with three purchasers and specific release conditions tied to environmental assessments, closing date set for March 15, 2025."

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Document background
The Closing Escrow Agreement is essential for transactions requiring secure handling of funds or documents during the closing process in Canada. This document type is commonly used in real estate transactions, corporate acquisitions, and other significant financial dealings where parties need assurance that their interests are protected during the exchange of consideration. The agreement details the appointment of an escrow agent, specifies the mechanics of the escrow arrangement, and establishes clear conditions for the release of escrowed items. It must comply with relevant Canadian federal laws, including financial services regulations and anti-money laundering legislation, as well as applicable provincial statutes governing real estate and trust arrangements. The Closing Escrow Agreement serves as a crucial risk management tool by ensuring that all closing conditions are met before funds or documents are released.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the escrow agent, depositor(s), and beneficiary(ies)

2. Background: Sets out the context of the transaction and purpose of the escrow arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment of Escrow Agent: Formally establishes the escrow agent's role and acceptance of appointment

5. Escrow Deposits: Details what will be deposited into escrow, including funds and/or documents

6. Release Conditions: Specifies the conditions that must be met for the release of escrow funds or documents

7. Escrow Agent's Duties: Outlines the responsibilities and obligations of the escrow agent

8. Fees and Expenses: Details the escrow agent's compensation and allocation of costs

9. Indemnification: Provisions for protecting the escrow agent from liability

10. Termination: Conditions and procedures for terminating the escrow arrangement

11. Notices: Specifies how and where formal notices must be delivered

12. General Provisions: Standard contract clauses including governing law, amendments, and severability

Optional Sections

1. Dispute Resolution: Detailed procedures for resolving disputes, recommended when dealing with high-value transactions or complex arrangements

2. Electronic Communications: Provisions for electronic document handling and communications, necessary when parties agree to use digital platforms

3. Multiple Party Provisions: Special provisions for handling multiple depositors or beneficiaries, needed when more than two principal parties are involved

4. Investment of Escrow Funds: Instructions for investing escrow funds during the holding period, relevant for long-term or high-value escrows

5. Force Majeure: Provisions for handling unforeseen circumstances, recommended for complex or long-term escrow arrangements

6. Confidentiality: Special provisions for handling sensitive information, recommended when dealing with commercially sensitive transactions

Suggested Schedules

1. Schedule A - Escrow Deposit Schedule: Detailed list and description of all items to be held in escrow

2. Schedule B - Release Instructions: Specific procedures and requirements for releasing escrow items

3. Schedule C - Fee Schedule: Detailed breakdown of escrow agent fees and expenses

4. Schedule D - Required Documentation: List of all documents required for closing

5. Appendix 1 - Form of Release Notice: Standard form for requesting release of escrow items

6. Appendix 2 - Wire Transfer Instructions: Banking details and procedures for fund transfers

7. Appendix 3 - Authorized Signatories: List of persons authorized to give instructions regarding the escrow

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses































Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Corporate Services

Construction & Development

Investment & Securities

Property Management

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Risk Management

Corporate Services

Transaction Services

Trust Services

Relevant Roles

Legal Counsel

Corporate Lawyer

Real Estate Attorney

Escrow Officer

Transaction Manager

Compliance Officer

Real Estate Agent

Property Manager

Financial Controller

Trust Officer

Operations Manager

Risk Manager

Corporate Secretary

Deal Coordinator

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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