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Simple English definitions for legal terms

escrow agreement

Read a random definition: Mine Safety and Health Administration

A quick definition of escrow agreement:

An escrow agreement is a contract between two or more parties where they appoint an escrow agent to hold certain assets, documents, or money until a specific condition is met. The agreement should include the identity of the escrow agent, the duties of the parties and the agent, the beneficiary of the escrow, the fees payable to the agent, the jurisdiction for legal disputes, and the instructions for delivering the assets, documents, or money held in escrow.

A more thorough explanation:

An escrow agreement is a legal contract between two or more parties that appoints an escrow agent to hold certain assets, documents, or money until a specific condition is met. The escrow agent is a neutral third party who is responsible for safeguarding the assets until the condition is fulfilled.

The escrow agreement typically includes:

  • The identity of the escrow agent
  • The duties of the escrow agent and the parties involved
  • The beneficiary of the escrow
  • The fees payable to the escrow agent
  • The jurisdiction in which any legal disputes will be resolved
  • The instructions for releasing the assets, documents, or money held in escrow

For example, let's say that a buyer and seller are entering into a real estate transaction. The buyer wants to ensure that the seller has clear title to the property before releasing the funds for the purchase. In this case, the parties would enter into an escrow agreement with an escrow agent who would hold the funds until the seller provides proof of clear title.

Another example could be a software development project where the client wants to ensure that the developer completes the project before releasing the final payment. The parties would enter into an escrow agreement with an escrow agent who would hold the final payment until the developer completes the project according to the agreed-upon specifications.

Overall, an escrow agreement provides a level of security and protection for all parties involved in a transaction by ensuring that the conditions of the agreement are met before releasing the assets, documents, or money held in escrow.

escrow agent | escrow instructions

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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