Escrow instructions are detailed written guidelines that outline the terms and conditions agreed upon by parties involved in a transaction. These instructions are typically prepared by the escrow agent and specify the responsibilities of each party, the timeline for the transaction, and the conditions that must be met for the release of funds or property held in escrow. Escrow instructions serve as a blueprint for the escrow process, ensuring that all parties understand their roles and obligations and helping to prevent misunderstandings or disputes during the transaction. They are legally binding documents that provide clarity and guidance throughout the escrow process.
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This glossary post was last updated: 29th March 2024.
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