Escrow is the depositing of instruments and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract. It is typically used in real estate transactions involving the purchase of a home. In any escrow settlement procedure, both the buyer and seller have certain responsibilities.
Some examples of the seller's legal responsibilities during escrow might include:
Some of the buyer's legal responsibilities during escrow may include:
Prorated responsibilities are those that could be performed by either the buyer or the seller. Such responsibilities are prorated (i.e. divided up) between the buyer and seller when they write the contract. They may include:
If you are the buyer or seller in the sale of a piece of property and you feel that the other party has failed to perform or unfairly refuses to perform one of his legal responsibilities, then you should enlist the aid of an attorney. An experienced real estate attorney can properly advise you whether the other party has failed to do something required of him and will recommend a course of action.
Last Modified: 08-24-2015 09:03 PM PDTLaw Library Disclaimer
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