Mutual Release Of Escrow Deposit printable pdf download

MUTUAL RELEASE OF ESCROW DEPOSIT

On the _______ day of _______________, 20____the undersigned parties entered into a Purchase

Agreement with respect to the following described property [Property Address]:

______________________________________________________________________________

In connection with said Purchase Agreement, the amount of $______________ was deposited by

the Buyer into the Real Estate Sales Escrow Account of the following real estate firm:

______________________________________, as per the requirements of the Purchase Agreement

and Louisiana Real Estate License Law.

All real estate brokers’ escrow accounts are carefully regulated by the Louisiana Real Estate

Commission as to the depositing, maintaining, and disbursement of funds held in these accounts.

Section 2717 of the Louisiana Real Estate Commission Rules and Regulations require that no

monies received and deposited into a broker's escrow account may be withdrawn for any purpose

except:

1. Upon mutual written consent of all parties having an interest in the funds;

2. Upon order of the Louisiana Real Estate Commission;

3. Upon Court Order;

4. For the purpose of depositing the funds into the registry of the court in a

concursus proceeding;

5. Upon mutual written consent of all parties for the purpose of making funds

available at the closing of the sale.

A broker has no right or authority to interpret or modify these requirements.

Inasmuch as the undersigned Buyer(s) and Seller(s) agree that the Purchase Agreement will not be

consummated, they do hereby mutually agree to terminate and rescind the aforesaid Purchase

Agreement and do relieve and release each other, as well as all real estate agencies and agents

involved in this transaction, from any and all obligations set forth therein.

The undersigned do also hereby authorize _____________________________ to release the escrow

deposit in the amount of $____________________ to the following party: ___________________

______________________ (Name of Buyer or Seller).

BUYER(S):

SELLER(S):

____________________________________

Signature

Date

Signature

Date

____________________________________

Printed Name

____________________________________

Signature

Date

Signature

Date

____________________________________

Printed Name

Rev. 10/12/2011

Mutual Release Of Escrow Deposit

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