ESCROW AGREEMENT FOR THE SALE CONSIDERATION
- TRANSACTION AND ESCROW
On 1 April 2026, Harpreet Singh, Aarav Sharma and escrow agent ABC Escrow Services LLP, of Sector 17, Chandigarh, establish escrow for House 52, Sector 8, Chandigarh under Agreement to Sell dated 01 August 2026.
Escrow amount: ₹2,25,00,000 (Rupees Two Crore Twenty Five Lakh only). Funding source: Buyer deposits own funds. Funding schedule: ₹75,00,000 buyer funds by 10 Sep; ₹1,50,00,000 lender funds at registration..
- RELEASE CONDITIONS
Release trigger: Registered conveyance plus delivery of listed originals. Conditions/documents: Signed sale deed, registration receipt, bank mortgage release, possession memo and original title chain..
Partial release: Funds remain blocked until full release conditions are met.
- REFUND AND LONG-STOP
Refund trigger: Transaction cancelled under written mutual/court/contractual instruction satisfying escrow terms. Long-stop date: 2 April 2026. Dispute hold: Escrow agent holds funds until joint written instruction or binding legal order.
- INTEREST, FEES AND COMPLIANCE
Interest: No interest entitlement is promised unless the escrow account actually credits interest. Escrow fee: ₹50,000 (Rupees Fifty Thousand only); allocation: Buyer bears escrow fee.
Compliance: Parties will satisfy escrow-agent KYC/banking requirements separately. Escrow agent email: escrow@abcservices.in.
- ESCROW AGENT LIMIT
The escrow agent acts as stakeholder according to these written release/refund conditions. It does not certify title, guarantee registration, decide the merits of a buyer-seller dispute, or release disputed funds merely because one party demands them.
Section 54 of the Transfer of Property Act, 1882 treats a contract for sale as an agreement that a sale will take place on settled terms; the contract does not by itself create an interest in or charge on the property. The final transfer of ownership must occur through the legally required conveyance/registered instrument.