Get the free Construction Loan Escrow Agreement Outline

CONSTRUCTION LOAN ESCROW AGREEMENT Escrow No.: Date: Refer to: To: First American Title Insurance Company, Escrow At the request of hereinafter referred to as Owner/Borrower “, hereinafter referred

How to fill out construction loan escrow agreement

How to fill out construction loan escrow agreement:

1. Begin by gathering all necessary documentation, including the construction loan agreement, details of the borrower and lender, and any specific terms or conditions.
2. Review the terms of the construction loan agreement thoroughly to understand the requirements for the escrow account.
3. Fill out the necessary sections of the escrow agreement, including the borrower's and lender's information, loan details, and the designated escrow agent or company.
4. Specify the purpose of the escrow account, which is typically to hold funds for construction-related expenses, such as contractor payments, materials, and permits.
5. Clearly outline the conditions for the release of funds from the escrow account, such as progress milestones, inspections, or approval from both the borrower and lender.
6. Include any additional provisions or requirements that are relevant to the specific construction project, such as change orders, dispute resolution, or interest on the escrow funds.
7. Provide space for signatures from all parties involved in the construction loan, including the borrower, lender, and escrow agent.
8. Review the completed construction loan escrow agreement for accuracy and clarity before submitting it to all parties for their review and signature.

Who needs a construction loan escrow agreement:

1. Borrowers who are obtaining a construction loan to finance their construction project.
2. Lenders or financial institutions that are providing the construction loan to the borrower.
3. Escrow agents or companies responsible for holding and disbursing funds from the escrow account.
4. Contractors, vendors, or other parties involved in the construction project who may have a financial interest in the escrow account.
5. Any regulatory or legal entities that require documentation of the construction loan and escrow arrangements.

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