RESIDENTIAL CONSTRUCTION ESCROW AGREEMENTResidential Construction Escrow Agreement • September 29th, 2022
This Residential Construction Escrow Agreement (“Agreement”) is made this ______day of __________________, 20___, by and among the undersigned Lender, Owner and Escrow Agent for the disbursement of construction loan funds (“Loan Funds”) and the Owner Funds, if any, for the construction of improvements ("Project") on the property (“Property”) described in the above-referenced title insurance commitment ("Title Commitment"). The Lender will, from time to time, deposit portions of the Loan Funds with Escrow Agent. Owner or Lender may deliver to Escrow Agent additional available funds which represent the Owner's equity contribution to the improvements (“Owner Funds”), including the cost of additions to the Project or cost overruns. The Loan Funds and the Owner Funds, if any, shall be disbursed in accordance with the terms and conditions of this Agreement.
