The document under which you entrust your funds to the attorney for safekeeping is called the Attorney Custody Agreement. The custodian will send funds to the account of the law firm (the custodian), which will be paid to a third party when certain conditions are met, for example, when a new owner is entered in the land register.
What is a lawyer’s custody for?
An escrow agreement is usually a three-party document involving the seller as the beneficiary, the buyer as the custodian, and the law firm as the temporary custodian of the funds, which will disburse the funds to a designated person after certain conditions are met.
In practice, the meaning of the attorney’s escrow is that if you want to buy a property and you deposit the purchase price in the attorney’s escrow, from where the funds are to be paid to the seller after the conditions are met, they will be returned to you if the transfer does not take place in the Land Registry or if another condition is not met.
