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Escrow Agreement (Real Estate)
I need a Real Estate Escrow Agreement for a commercial property purchase in Copenhagen between a Danish seller and an international corporate buyer, with specific provisions for multi-currency handling and a phased release of funds over three payment milestones in March 2025.
1. Parties: Identification of the seller, buyer, and escrow agent, including full legal names, registration numbers, and addresses
2. Background: Context of the real estate transaction and purpose of the escrow arrangement
3. Definitions: Defined terms used throughout the agreement, including property-specific and transaction-specific terminology
4. Appointment of Escrow Agent: Formal appointment and acceptance of the escrow agent's role and responsibilities
5. Escrow Amount and Payment: Details of the amount to be held in escrow and payment mechanisms
6. Escrow Account: Specifications of the escrow account and how funds will be held and managed
7. Release Conditions: Conditions that must be met for the release of escrow funds
8. Release Mechanics: Procedures for releasing funds, including required documentation and timeframes
9. Escrow Agent's Duties: Detailed obligations and responsibilities of the escrow agent
10. Fees and Costs: Escrow agent's fees and allocation of transaction costs
11. Liability and Indemnification: Limitations of liability and indemnification provisions for the escrow agent
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Notices: Requirements for formal communications between parties
14. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes
15. General Provisions: Standard boilerplate clauses including amendments, severability, and entire agreement
1. Anti-Money Laundering Compliance: Additional provisions for enhanced AML compliance, required when dealing with high-value transactions or high-risk parties
2. Multiple Party Provisions: Additional provisions when there are multiple buyers or sellers
3. Foreign Currency Provisions: Specific provisions for handling foreign currency aspects, needed when transaction involves non-Danish currency
4. Mortgage Contingency: Provisions relating to mortgage financing conditions, required when purchase is contingent on mortgage approval
5. Tax Provisions: Special tax-related provisions, needed when transaction has specific tax implications or structures
6. Force Majeure: Specific force majeure provisions beyond standard terms, recommended for high-value transactions
7. Digital Signing: Provisions for electronic execution, needed when parties wish to execute digitally
1. Schedule 1 - Property Details: Detailed description of the property including address, land registry details, and any encumbrances
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts and timing
3. Schedule 3 - Release Conditions Checklist: Specific list of documents and conditions required for release of funds
4. Schedule 4 - Required Notices and Forms: Template forms for various notices and requests under the agreement
5. Schedule 5 - Escrow Agent's Fee Schedule: Detailed breakdown of escrow agent's fees and charges
6. Appendix A - Know Your Customer Requirements: List of required KYC documents and verification requirements
7. Appendix B - Signing Authorities: Documentation of authorized signatories for each party
Authors
Real Estate
Banking & Financial Services
Legal Services
Property Development
Construction
Hospitality
Retail
Healthcare
Education
Industrial & Manufacturing
Professional Services
Legal
Real Estate
Compliance
Finance
Risk Management
Operations
Investment
Corporate Affairs
Property Management
Transaction Services
Contract Administration
Legal Counsel
Real Estate Attorney
Property Manager
Real Estate Agent
Escrow Officer
Compliance Officer
Real Estate Developer
Transaction Manager
Corporate Lawyer
Financial Controller
Risk Manager
Property Investment Manager
Real Estate Operations Director
Banking Relationship Manager
Chief Legal Officer
Real Estate Portfolio Manager
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