![]() Escrow AgentĪn escrow agent is a person or entity, not the buyer or seller, but a third party which retains possession of the house and the payments for the house before they are transferred from one party to another. If there are no competing offers, an escalation clause will not be triggered. This number will include a maximum price willing to be paid for the home. It contains language that will automatically increase the purchase price of an offer by a certain amount upon receipt of written, competing bona fide, offers. If there is an offer with no acceptance, then no contract is formed.Īn escalation clause is written into purchase offers. ![]() The timelines for performance under the contract begin following the final step. The effective date of the contract is when the last of all four conditions – communicating acceptance to the other party – is fulfilled.
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