Fillable Printable Escrow Agreement

Escrow Agreement

ESCROW AGREEMENT

THIS ESCROW AGREEMENT (hereinafter referred to as this "Agreem ent"), is m ade and entered into this

_____day of ______________________ by and among ______________________________________

having as a mailing address: _______________________________________________________________

(hereinafter referred to as "Seller"); and having as

a mailing address: _______________________________________________________________ (hereinafter

referred to as "Purchaser"); and INVESTORS TITLE INSURANCE COMPANY

, a North Carolina

corporation having as a mailing address: 121 North Colum bia Street, Chapel Hill, North Carolina 27514,

Attention: Comm ercial Escrow Services (hereinafter referred to as "Escrow Agent").

W I T N E S S E T H

WHEREAS, Seller and Purchaser have entered into that certain Contract for the Sale and Purchase of Real

Property having an Effective Date of _________________________________, as to certain real property

(hereinafter referred to as the "Property") situated in ______________________________County, in the State

of _____________ (hereinafter referred to as the "Sales Contract"); and

WHEREAS, Seller and Purchaser have agreed and are desirous and willing that the closing of the

transaction contemplated by the Sales Contract take place in accordance with the terms and provisions of this

Agreement.

WHEREAS, pursuant to paragraph ____________________ of the Sales Contract, Purchaser and Seller

have appointed Investors Title Insurance Company to hold earnest money in the amount of

$________________________, which sum will be held in accordance with the terms of this Agreement and

the Sales Contract.

NOW, THEREFORE, in furtherance of the transaction contemplated hereby, and for and in consideration

of TWO HUNDRED AND FIFTY AND ZERO/100 DOLLARS ($250.00) cash paid in hand to Escrow

Agent, which escrow fee shall be waived if Escrow Agent also insures title to the Property, and for other good

and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto

hereby covenant and agree as follows:

1. Seller and Purchaser hereby designate, constitute and appoint Investors Title Insurance

Company as the "Escrow Agent" under this Agreement to hold earnest money in the amount of $

_________________

, and Investors Title Insurance Company accepts such designation and appointment and

agrees to act in accordance with the terms of this Agreement and the Sales Contract. It is hereby expressly

understood and agreed that in the event a conflict should arise as between the terms of this Agreement and

those of the Sales Contract, the terms of this Agreement shall control. Seller and Purchaser agree (a) that

Escrow Agent shall be a stakeholder only and not liable for any losses, costs or damages it may incur in

performing its responsibilities hereunder unless such losses, costs or damages shall arise out of the willful

default or gross negligence of Escrow Agent or its agents, (b) that no releases or disbursements shall be made

hereunder except upon consistent written instructions from both Seller and Purchaser or their successors or

assigns; (c) that in the event of a dispute hereunder between Seller and Purchaser (or their successors or

assigns), Escrow Agent shall have the right, exercisable in its sole discretion, to be discharged by tendering

unto the registry or custody of any court of competent jurisdiction, the closing documents and the Escrow

Funds, together with any such legal pleadings as it deems appropriate; and (d) that in the event Escrow Agent

tenders the funds to the court in an interpleader action, Escrow Agent shall have the right to charge an

additional administrative fee of five hundred and no/100 dollars ($500.00) towards its costs. A total of

$750.00, representing the base Escrow Agent fee and the additional administrative fee under this agreement,

may be withheld from the Escrow Funds tendered to the court. Purchaser and Seller shall indem nify and hold

harmless Escrow Agent for all of its expenses, costs and reasonable attorneys fees incurred in connection with

said interpleader action that exceed $500.00.

2. Upon receipt of consistent written instructions from both Seller and Purchaser, or their

respective counsel, then Escrow Agent shall disburse the funds held in escrow in accordance with the written

instructions signed by both Purchaser and Seller, or their respective counsel. Said written instructions may not

be unreasonably withheld and may be given in duplicate counterparts and by facsimile. Escrow Agent

requests delivery of such instructions at least 24 hours before disbursement is needed. Escrow Agent shall

have the right to deduct Escrow Agent’s unpaid fee and any costs Escrow Agent has incurred for overnight

delivery charges or wire transfer fees from the funds held prior to disbursement.

3. All checks, money orders, wires or drafts sent to Escrow Agent under this Agreement will be

processed for collection in the normal course of business. Escrow Agent will not commingle funds received

by it in escrow with funds of others and shall invest such funds in a money market account with a federally

insured Bank or in a money market fund rated AAA by at least one nationally-recognized rating firm. If

invested in a money market fund, Escrow Agent shall enter into a Custody Agreement with Investors Trust

Company to handle such investment, which Custody Agreement may be reviewed by any party hereto upon

request. Investors Trust Company will not charge an additional fee for its custodial services. Escrow Agent

shall not be liable for any loss caused by the failure, suspension, bankruptcy or dissolution of any such

investment vehicle or fund.

4. Escrow Agent shall not be liable for any loss or damage resulting from the following:

(a) Any default, error, action or omission of any other party.

(b) The expiration of any time limit unless such time limit was known to Escrow Agent and such

loss is solely caused by failure of Escrow Agent to proceed in its ordinary course of business.

at the time of the investment or on deposit with a federally insured Bank, resulting from failure, insolvency or

suspension of such bank or fund.

(d) Escrow Agent complying with any and all legal process, writs, orders, judgments and decrees

of any court whether issued with or without jurisdiction and whether or not subsequently vacated, modified,

set aside or reversed.

5. Escrow Agent shall be entitled to rely upon the instructions and other matters covered

thereby, and shall not be required to investigate the authority of the person executing and delivering such

instructions, or otherwise verify the accuracy of the statements of inform ation presented therein.

6. The terms and provisions of this Agreement are for the benefit of Seller, Purchaser and

Escrow Agent and their respective successors and assigns only. Nothing contained herein shall be deemed or

construed to inure to the benefit of any other person or party, it being the express intent of Seller, Purchaser

and Escrow Agent that no such person or party shall be entitled to any of the benefits hereof, except as herein

expressly provided.

7. Time is of the essence of this Agreem ent.

8. This Agreement is intended as a contract under the laws of the State of North

Carolina and shall be governed thereby and construed in accordance therewith.

9. This Agreement may be executed by facsimile signatures, which for all purposes shall be

deemed to constitute originals. This Agreement may be executed in counterparts, all of which when taken

together shall be deemed one original.

10. Pursuant to 26 CFR § 1.468B-7, any interest or income earned on the funds held in escrow

shall accrue to the benefit of Purchaser, whose tax identification number is

__________________________

, and said beneficiary authorizes Escrow Agent to sign any necessary

signature cards on its behalf.

IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the day, month

and year first above written.

SELLER

: ______________________________

By: ___________________________________

Name:______________________________

Title:

Tax I.D. No.:

PURCHASER

:______________________________

By: ___________________________________

Name:______________________________

Title:

Tax I.D. No.:

ESCROW AGENT

Investors Title Insurance Company, a North Carolina corporation

By: ___________________________________

Name:

Title:

Date: