Some tips regarding the Free Simple Escrow Agreement Form
The free simple escrow agreement form is an agreement which includes three parties. One among the two parties deposits their assets to an escrow agent and then that agent delivers it to the other party as soon as the conditions of the agreement are fulfilled. The escrow agent has the task of receiving the money and then delivering the money. The word “escrow” means the money that is in hold of a third party with respect to two transacting parties. These agreements are mostly used in trading.
When is it used
Suppose that a seller wants to sell the goods to the buyer. But, the seller is not sure of the fact that whether or not he will be paid in time. So for this issue, both the parties can make use of the escrow agreement. The escrow agent can act as an intermediate entity between the two and can ensure proper trade.
Things to know about the agreement
As soon as the terms and conditions in the free simple escrow agreement form are met, the money is then delivered to the other party. When the escrow agreement is formed, no terms and conditions in it can be changed.
Advantages of escrow agreement
- The seller isn’t paid as long as the buyer doesn’t agree upon the terms and conditions.
- Both the parties can rely on the escrow agent and not worry about anything.
- The escrow agent ensures that there is proper trade between the two parties.