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Earnest Money Escrow Agreement

Earnest Money Escrow Agreement Template for Singapore

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Key Requirements PROMPT example:

Earnest Money Escrow Agreement

"Need an Earnest Money Escrow Agreement for a commercial property purchase in Singapore, with a deposit of SGD 2 million to be held until March 2025, including specific provisions for electronic fund transfers and dispute resolution in Singapore courts."

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Document background
The Earnest Money Escrow Agreement is essential for transactions in Singapore where parties need a secure mechanism to demonstrate commitment and manage risk. This document is commonly used in property transactions, business acquisitions, and major commercial deals where a significant deposit needs to be held by a neutral third party. It sets out the complete framework for the escrow arrangement, including deposit handling, release conditions, and dispute resolution procedures, while ensuring compliance with Singapore's regulatory requirements and trust laws.
Suggested Sections

1. Parties: Identification of buyer, seller, and escrow agent

2. Background: Context of the transaction and purpose of the escrow arrangement

3. Definitions: Key terms used throughout the agreement

4. Appointment of Escrow Agent: Terms of escrow agent appointment and authority

5. Deposit of Earnest Money: Amount, timing, and method of earnest money deposit

6. Release Conditions: Conditions for releasing the earnest money

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

8. Termination: Conditions and process for terminating the agreement

Optional Sections

1. Interest Earnings: Terms for handling any interest earned on the escrow funds when escrow period is lengthy or involves substantial sums

2. Dispute Resolution: Specific procedures for resolving disputes when parties want detailed dispute resolution procedures

3. Electronic Communications: Provisions for electronic notifications and instructions when parties agree to use electronic communications

Suggested Schedules

1. Schedule 1 - Form of Release Notice: Template for requesting release of funds

2. Schedule 2 - Fee Schedule: Detailed breakdown of escrow agent fees

3. Schedule 3 - Bank Account Details: Escrow account information and payment instructions

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
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Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract formation, enforcement, and remedies

Trustees Act (Cap. 337): Legislation governing trustees' duties, powers, and responsibilities in Singapore, relevant for escrow arrangements

Conveyancing and Law of Property Act (Cap. 61): Legislation governing property transactions and related matters, particularly relevant if the escrow involves real estate

Misrepresentation Act (Cap. 390): Legislation governing false statements or misrepresentations in contractual arrangements

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial transactions and escrow services

Singapore Trust Companies Act (Cap. 336): Legislation governing trust companies and their operations in Singapore

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements for financial transactions and escrow arrangements

Singapore Contract Law: Common law principles and statutory provisions governing contract formation, validity, and enforcement in Singapore

Escrow Agent Regulations: Specific rules and requirements governing escrow agents and services in Singapore

Trust Money Regulations: Rules and requirements for holding and managing trust money in Singapore

Real Estate Regulations: Specific regulations governing real estate transactions and related escrow arrangements in Singapore

Commercial Law Requirements: General commercial law principles and requirements applicable to business transactions and escrow arrangements

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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