Escrow Instructions, 10.0 out of 10 based on 1 rating
To _________ trust company. _________, the seller deposits with you:
(1). Letter of opinion issued by you, guarantee No. _________, showing title to the premises described, in _________.
(2). Warranty deed from _________ to _________ conveying the premises described in the letter of opinion.
_________, the purchaser, deposits with you:
(1). Part purchase money trust deed for $_____ covering the real estate, together with _________ notes for _________ dollars each, with _________ interest coupons for _________ dollars each, evidencing semiannual interest at _____% per annum on the principal sum, all secured by the trust deed.
(2). $_____, being the net balance of the purchase price of the premises, over and above the amount of the purchase money trust deed and notes, which premises the seller has agreed to sell and the purchaser has agreed to purchase—all prorating having been done between the parties.
You are authorized and directed to record the warranty deed and trust deed at once, and when you are prepared to issue your owner’s guarantee policy in usual form for $_____ guaranteeing the title of the purchaser, subject only to the trust deed and to objections and items Nos. _________ as enumerated in the letter of opinion, and also subject to acts done or suffered by the purchaser, you are then authorized and directed to pay out and disburse the funds as follows:
(1). To the person or persons and in the amounts as may be necessary to obtain a release, satisfaction or discharge of the liens or objections to title shown in the letter of opinion, or which may be shown in your later date opinion covering the deed, other than the above-mentioned objections to which the guarantee policy is to be subject.
(2). To _________, a real-estate brokerage commission of $_____.
(3). Retain one-half of your escrow fee and the cost of recording the trust deed and your fee for examination of title and issuing the letter of opinion.
(4). The balance, together with the notes secured by the trust deed, to be paid and delivered to the seller.
Purchaser agrees to pay for the recording of the warranty deed, charge for later-date continuation and one-half of the escrow fee.
Real Estate Broker