Fillable Printable ESCROW AGREEMENT - Costner Law Office, PLLC

ESCROW AGREEMENT - Costner Law Office, PLLC

ESCROW AGREEMENT

Th is Ag reement (th e “Ag reemen t”), dated as of the _ ___ day of _______________,

20___, between _________________________________________________(the “Buyer”),

_________________________________________(the “Seller”), and Costner Law

Office, PLLC, located at 10150 Mallard Creek Rd., Suite 106, Charlotte, NC 28262

(hereinafter referred to as “Escrow Agent”).

WITNESSETH

WHEREAS, Seller and Buyer have entered into that certain Contract dated the

______ day of , 20___ (the “Offer t o Purchase and

Contract”), as to the sale of property located at the following address:

___________________________________________________________________; and

WHEREAS, Seller and Buyer have agreed and are desirous and willing that the

closing of the tra nsaction contemplated by t he Offe r to Purchase and Contr act ta ke place

in accordance with the terms and provisions of this Agreement; and

WHEREAS, pursuant to Section 1(i) of the Offer to Purchase and Contract,

Buyer and Seller have appointed Escrow Agent to hold a portion of the Purchase Price

(as defined in the Offer to Purchase and Contract) in the amount of

_______________________Dollars ($_________)(the “Escrow Funds”), which sum

will be held in accordance with the terms of this Agreement and the Of fer t o Purchas e a nd

Contract.

NOW, THEREFORE, in furtherance of the transaction contemplated by the Offer

to Purchase and Contract, and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and

agr ee as follows:

Seller and Buyer hereby designate, constitute and appoint the Escrow agent to

hold the Escrow Funds, and the Escrow Agent accepts such designation and

appointment and agrees to act in accordance with the terms of this Agreement

and the Offer to Purchase and 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 Offer to Purchase and Contract, the terms of this

Agreement shall control. Seller and Buyer agree (a) that Escr ow Age nt 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 joint w ri t t e n ins tr u c ti o ns f rom b oth S e l l e r a nd Bu yer or t he ir suc ce s s ors or

assigns, including but not limited to a signed termination; and (c) that in the event of

a dispute hereunder between Seller and Buyer (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 Escrow Funds held by Escrow Agent, together with any such

legal pleadings as it deems appropriate. Escrow Agent shall be indemnified, saved

and held harmless by the Seller and Buyer for all of its expenses, costs and

reason abl e attorneys’ fees incurred in connection with said int erpleader action.

Upon receipt of joint written instructions from both Seller and Buyer, then

Escrow Agent shall disburse the funds held in escrow in accordance with the

written instructions signed by both Buyer and Seller. Said written instructions

may be given in dupl icate counterparts and by facsimile.

Upon retur n of funds

to the Buyer, Escrow Agent shall have the right to deduct Escrow Agent’s

unpaid attorney’s fee including but not limited to a $150 Title Services Fee,

Settlement Fee (where applicable) and any costs Escrow Agent has incurred

for overnight delivery charges or wire transfer fees from the funds held

pri or to di sburseme nt.

IN WITNESS WHEREOF, the parties hereto have executed this Escrow

Agreement as of the day, month and year first written above.

_________________________________ (Buyer)

Buyer 1’s Name: ___________________________

_________________________________ (Buyer)

Buyer 2’s Name: ___________________________

_________________________________ (Seller)

Seller 1’s Name:____________________________

_________________________________ (Seller)

Seller 2’s Name:____________________________

Costner Law Office, PLLC

By__________________________

Name _______________________