Escrow Holdback Agreement Addendum Free Templates For 2023

An escrow holdback agreement addendum is an important document used to supplement an existing escrow agreement. It is usually used to add provisions regarding the transfer of money, property, and other assets held in escrow until a specified date or event occurs. It is especially important when there is a dispute between the parties involved in the transaction. By adding an escrow holdback agreement addendum, both parties are assured that their interests are protected. This document is also useful for anyone who is entering into a real estate transaction and wants to be sure that the money and property are safely transferred.

What is an Escrow Holdback Agreement Addendum?

An escrow holdback agreement addendum is an agreement that is added onto an existing escrow agreement. It is used when two parties are entering into a real estate transaction and there is a dispute between them. In an escrow holdback agreement addendum, the parties agree to hold back a certain amount of money, property, or other assets in escrow until a specified date or event occurs. This ensures that both parties are protected in the event of a dispute.

Why Would You Need an Escrow Holdback Agreement Addendum?

An escrow holdback agreement addendum is necessary when a dispute arises between two parties regarding the transfer of money, property, or other assets in an escrow account. By having an escrow holdback agreement addendum, both parties are assured that their interests are protected. It also provides a level of security for both parties in the event that a dispute arises.

What Should You Include in an Escrow Holdback Agreement Addendum?

When creating an escrow holdback agreement addendum, there are a few things that you should include. Firstly, you should include the parties involved in the transaction, the amount of money, property, or other assets that are being held in escrow, and the date or event upon which the money, property, or other assets will be released. In addition, you should also include the terms and conditions of the agreement, any applicable fees, and the contact information of both parties. Finally, you should also include a signature line for both parties, so that each party is held to the agreement.

Sample Escrow Holdback Agreement Addendum Free Templates

Template 1

This Escrow Holdback Agreement Addendum (“Addendum”) is made and entered into by and between [Party A] and [Party B] (“Parties”) as of [Agreement Date].

WHEREAS, the Parties have entered into an Escrow Agreement dated [Agreement Date] and desire to add certain provisions to that agreement to govern the release of funds held in escrow;

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties hereby agree as follows:

1. The amount of money, property, or other assets held in escrow shall be released to Party A upon the occurrence of [event or date].

2. If Party B fails to meet the requirements of this addendum, then Party A shall have the right to terminate this addendum and reclaim the funds held in escrow.

3. The Parties agree to the following terms and conditions:

• The Parties agree that all funds held in escrow shall be released to Party A upon the occurrence of [event or date].
• The Parties agree that any applicable fees shall be paid by Party A.
• The Parties agree that each shall be responsible for their own legal costs associated with this addendum.
• The Parties agree that the contact information for both parties shall be provided to the other party.

4. This Addendum shall be binding upon the Parties, their heirs, successors, and assigns.

IN WITNESS WHEREOF, the Parties have executed this Addendum on the date and year first above written.

[Party A]
Signature: __________________________
Print Name: __________________________
Date: __________________________

[Party B]
Signature: __________________________
Print Name: __________________________
Date: __________________________

Template 2

This Escrow Holdback Agreement Addendum (“Addendum”) is made and entered into by and between [Party A] and [Party B] (“Parties”) as of [Agreement Date].

WHEREAS, the Parties have entered into an Escrow Agreement dated [Agreement Date] and desire to add certain provisions to that agreement to govern the release of funds held in escrow;

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties hereby agree as follows:

1. The amount of money, property, or other assets held in escrow shall be released to Party B upon the occurrence of [event or date].

2. If Party A fails to meet the requirements of this addendum, then Party B shall have the right to terminate this addendum and reclaim the funds held in escrow.

3. The Parties agree to the following terms and conditions:

• The Parties agree that all funds held in escrow shall be released to Party B upon the occurrence of [event or date].
• The Parties agree that any applicable fees shall be paid by Party B.
• The Parties agree that each shall be responsible for their own legal costs associated with this addendum.
• The Parties agree that the contact information for both parties shall be provided to the other party.

4. This Addendum shall be binding upon the Parties, their heirs, successors, and assigns.

IN WITNESS WHEREOF, the Parties have executed this Addendum on the date and year first above written.

[Party A]
Signature: __________________________
Print Name: __________________________
Date: __________________________

[Party B]
Signature: __________________________
Print Name: __________________________
Date: __________________________

Template 3

This Escrow Holdback Agreement Addendum (“Addendum”) is made and entered into by and between [Party A] and [Party B] (“Parties”) as of [Agreement Date].

WHEREAS, the Parties have entered into an Escrow Agreement dated [Agreement Date] and desire to add certain provisions to that agreement to govern the release of funds held in escrow;

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties hereby agree as follows:

1. The amount of money, property, or other assets held in escrow shall be released to both parties upon the occurrence of [event or date].

2. If either Party fails to meet the requirements of this addendum, then the other Party shall have the right to terminate this addendum and reclaim the funds held in escrow.

3. The Parties agree to the following terms and conditions:

• The Parties agree that all funds held in escrow shall be released to both parties upon the occurrence of [event or date].
• The Parties agree that any applicable fees shall be paid by both parties.
• The Parties agree that each shall be responsible for their own legal costs associated with this addendum.
• The Parties agree that the contact information for both parties shall be provided to the other party.

4. This Addendum shall be binding upon the Parties, their heirs, successors, and assigns.

IN WITNESS WHEREOF, the Parties have executed this Addendum on the date and year first above written.

[Party A]
Signature: __________________________
Print Name: __________________________
Date: __________________________

[Party B]
Signature: __________________________
Print Name: __________________________
Date: __________________________

Conclusion

In conclusion, an escrow holdback agreement addendum is an important document used to supplement an existing escrow agreement. It is especially important when there is a dispute between the parties involved in the transaction. By adding an escrow holdback agreement addendum, both parties are assured that their interests are protected. This document is also useful for anyone who is entering into a real estate transaction and wants to be sure that the money and property are safely transferred. Above are three free templates for an escrow holdback agreement addendum that can be used in 2023.

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