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Earnest Money Escrow Agreement

Earnest Money Escrow Agreement Template for India

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Key Requirements PROMPT example:

Earnest Money Escrow Agreement

"I need an Earnest Money Escrow Agreement for a commercial property purchase in Mumbai, where HDFC Bank will act as escrow agent holding INR 5 crore as earnest money, with a closing date of March 15, 2025."

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Document background
The Earnest Money Escrow Agreement is a crucial document in Indian commercial transactions where significant funds are exchanged as earnest money or initial deposits. This agreement is particularly important in high-value transactions such as real estate purchases, business acquisitions, or major commercial contracts where parties seek to ensure security and transparency in handling advance payments. The document establishes the escrow agent's role, typically a bank or financial institution, in holding and disbursing funds based on predetermined conditions. It provides protection to both buyers and sellers by ensuring that earnest money is safely held by a neutral third party until specific conditions are met. The agreement must comply with Indian banking regulations, contract law, and where applicable, property law, making it essential for various commercial transactions in India.
Suggested Sections

1. Parties: Identifies and provides details of the Buyer, Seller, and Escrow Agent

2. Background: Describes the underlying transaction and purpose of the escrow arrangement

3. Definitions: Defines key terms used throughout the agreement

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

5. Escrow Amount: Specifies the earnest money amount and payment terms

6. Escrow Account: Details of the escrow account and its management

7. Duties of Escrow Agent: Comprehensive list of escrow agent's responsibilities and obligations

8. Release Conditions: Conditions under which the earnest money will be released to either party

9. Disbursement Instructions: Specific procedures for disbursing the escrow funds

10. Fees and Expenses: Escrow agent's fees and allocation of costs

11. Liability and Indemnification: Limitation of escrow agent's liability and indemnification provisions

12. Term and Termination: Duration of the agreement and termination provisions

13. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes

14. Notices: Communication procedures and contact details for all parties

15. Miscellaneous: Standard boilerplate provisions including amendments, severability, etc.

Optional Sections

1. Dispute Resolution: Detailed arbitration or mediation procedures, recommended for high-value transactions

2. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in long-term escrow arrangements

3. Confidentiality: Specific confidentiality obligations, important for sensitive commercial transactions

4. Anti-Money Laundering Compliance: Detailed compliance procedures, necessary for high-value transactions or when required by regulations

5. Digital Documentation: Provisions for electronic signatures and digital documentation, useful for modern transactions

6. Multiple Party Provisions: Additional provisions for cases with multiple buyers or sellers

7. Foreign Exchange Provisions: Required when the transaction involves foreign currency or cross-border elements

Suggested Schedules

1. Schedule 1 - Escrow Account Details: Banking details, account information, and authorized signatories

2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent's fees and charges

3. Schedule 3 - Release Instructions: Specific forms and procedures for requesting fund release

4. Schedule 4 - KYC Requirements: List of required KYC documents and verification procedures

5. Schedule 5 - Contact Details: Comprehensive contact information for all parties and authorized representatives

6. Appendix A - Document Checklist: List of documents required for various escrow processes

7. Appendix B - Standard Forms: Templates for notices, release requests, and other standard communications

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

Manufacturing

Technology

Infrastructure

Healthcare

Hospitality

Retail

Energy

Telecommunications

Financial Services

Construction

Agriculture

Relevant Teams

Legal

Finance

Compliance

Real Estate

Corporate Affairs

Treasury

Risk Management

Procurement

Business Development

Company Secretarial

Relevant Roles

Legal Counsel

Corporate Lawyer

Real Estate Manager

Compliance Officer

Finance Director

Chief Financial Officer

Business Development Manager

Property Manager

Escrow Officer

Transaction Manager

Company Secretary

Procurement Manager

Contract Manager

Risk Manager

Treasury Manager

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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