WHAT IS AN ESCROW AGREEMENT?

WHAT IS AN ESCROW AGREEMENT?

An Escrow Agreement is a written Agreement where a neutral person (known as the Escrow Agent) holds money, property or documents until both parties in a property or business transaction fulfill all agreed conditions.

It is the written assurance that no one gets cheated and that the deal only closes when everything is properly in place.

The Agreement states what is being deposited in escrow, the conditions for its release, the rights and duties of the parties and the duty of the escrow agent to remain neutral and protect both sides.

It also covers time-frames, remedies in case of default and how disputes will be resolved.

With an Escrow Agreement, a buyer enjoys the comfort of knowing his money will not be released to the seller until the property or documents are properly transferred.

A seller is assured he will not part with his property without receiving full payment. In high-value deals (land, building, business, assets, shares, heavy duty equipment, intellectual property, etc), this is the safest way to transact.

The consequences of not having an Escrow Agreement can be enormous. A buyers may lose his money, a seller may lose his property and both may end up in messy dispute.

So it is strongly advised that every Escrow Agreement be prepared by an experienced Business and Property Lawyer who will secure your legal interests.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com