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Earnest Money Escrow Agreement

Earnest Money Escrow Agreement Template for United States

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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 California, where the buyer is depositing $500,000 in earnest money, and we need specific provisions for dispute resolution through arbitration. The closing date is set for March 15, 2025."

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Document background
The Earnest Money Escrow Agreement is a critical document in U.S. real estate transactions, serving as protection for both buyers and sellers. It is typically used when a buyer makes a good faith deposit (earnest money) to demonstrate serious intent to complete a purchase. The agreement defines how the deposit will be held, managed, and eventually disbursed by a neutral third party (escrow agent). This document is essential for establishing clear procedures and protecting all parties' interests during the period between contract signing and closing.
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: Formal designation of escrow agent and acceptance of role

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

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

7. Release Conditions: Terms under which funds will be released

8. Term and Termination: Duration of agreement and termination provisions

Optional Sections

1. Interest Earnings: Terms for handling interest earned on deposited funds when escrow funds are placed in an interest-bearing account

2. Dispute Resolution: Procedures for handling disputes between parties when specific dispute resolution mechanisms are required

3. Electronic Transactions: Provisions for electronic communications and transfers when parties agree to conduct business electronically

4. Multiple Party Provisions: Special terms for multiple buyers or sellers when transaction involves multiple parties on either side

Suggested Schedules

1. Schedule A - Contact Information: Detailed contact information for all parties

2. Schedule B - Wire Transfer Instructions: Banking details for fund transfers

3. Schedule C - Release Authorization Form: Template for authorizing release of funds

4. Schedule D - Underlying Purchase Agreement Reference: Key details from the related purchase agreement

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
Clauses

























Industries

State-Specific Real Estate Laws: State-level regulations governing real estate transactions, including specific requirements for escrow arrangements, escrow agents, and the handling of earnest money deposits

Federal Laws - RESPA and TILA: Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA), along with Consumer Financial Protection Bureau (CFPB) regulations governing real estate transactions

Uniform Commercial Code: Particularly Article 2 (Sales) and Article 9 (Secured Transactions) which provide framework for commercial transactions including real estate

State Escrow Laws: Specific state requirements for escrow agents, including licensing, maintenance of escrow accounts, and mandatory disclosures

State Contract Laws: Basic contract formation requirements, Statute of Frauds provisions, and contract enforcement regulations specific to the state

Banking Regulations: FDIC rules, banking requirements for escrow accounts, and regulations governing interest-bearing accounts

State-Specific Title Laws: Requirements for title companies acting as escrow agents and title insurance regulations

Anti-Money Laundering Laws: Bank Secrecy Act requirements and Patriot Act compliance measures for financial transactions

State-Specific Dispute Resolution Laws: Requirements for handling disputes and mediation/arbitration provisions in escrow agreements

Professional Responsibility Rules: Requirements for attorneys acting as escrow agents and state bar association regulations governing professional conduct in 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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