COURSE DESCRIPTION
Escrow agreements are essential documents in every significant real estate transaction. They are mechanisms for allocating risk among the parties to the transaction. Escrow agents are charged with determining whether certain contractual conditions are satisfied, thereby triggering the disbursement of money or property. Escrow arrangements mitigate the risk of non-performance by one of the parties. But escrow agreements are fraught with potential conflicts and traps that may give rise to delays in finally closing a transaction. This program will provide you with a practical guide to drafting effective escrow agreements, risk allocation, conflict avoidance and working with escrow agents.
- Essential terms – property held, conditions for release/disbursement, fees
- Defining an agent’s duties, authority, and liability
- Practical problems with escrow arrangements – holding all the documents, breaking escrow, death of party
- Issues in construction contracts, development transactions, and property sales
- Letter of credit, tax and bankruptcy issues to consider
Speakers:
John S. Hollyfield is of counsel and a former partner in the Houston office Norton Rose Fulbright, LLP. He has more than 40 years’ experience in real estate law practice. He formerly served as chair of the ABA Real Property, Probate and Trust Law Section, president of the American College of Real Estate Lawyers, and chair of the Anglo-American Real Property Institute. He has been named a "Texas Super Lawyer" in Real Estate Law by Texas Monthly magazine and is listed in Who’s Who in American Law. He is co-editor of Modern Banking and Lending Forms (4th Edition), published by Warren, Gorham & Lamont. He received his B.B.A. from the University of Texas and his LL.B. from the University of Texas School of Law.