What Is an Escrow Letter Template?
A bank uses an escrow letter to verify a contractual agreement between a buyer and seller in a real estate transaction, and two websites offering templates of these letters are Biztree and Entrepreneur. The template includes sections stating the date of the contract, the parties’ names, the property’s address and description, the amount of the transaction and terms of the agreement, states Entrepreneur.
The formatting of the escrow letter template can vary. For example, Biztree’s template uses separate sections for the company, buyer and escrow agent information, while Entrepreneur’s template places all this information in a single paragraph. However, the templates usually do include separate sections focusing on the closing procedure, payment terms, down payment acknowledgement and any special provisions applicable to the contract. The end of the template typically includes places for all parties to sign and print their names and titles, shows Biztree.