Exchange agreement and joint closing instructions agreement, normally involves three parties; first party, second party and the third party, regarding a real property. First party is considered as the owner of the property as mentioned in the documents. The second party is considered as the purchaser of the property from the first party (seller). In return of the purchase, the purchaser demands an exchange agreement to the seller. The third party is the person who sells the outright of the property to the second party (purchaser).
With the promises and the knowledge of all the three parties, this agreement takes its position in the joint closing of a particular property. The seller first exchanges the property rights to the purchaser and further the interests of the property are also exchanged in contact with all three properties with money that is paid by the purchaser to acclaim a particular property. Additional and supplemental joint closing instructions are also to be followed by all the three parties. All the funds and payments that will be mentioned in this document are to be paid by the purchaser of the property and it is deposited with the knowledge of the closing client. Hence, the names and address are also noted in the document of all the three parties for a formality record of the land or property. So, it is compulsory for all the three parties to agree and maintain this record until further steps. This document is passed on by the signatures of all the three parties.
Exchange Agreement and Joint Closing Instructions, 10.0 out of 10 based on 2 ratings