Parties of Escrow Agreement
There are usually several parties involved in the escrow transaction:
1. The Beneficiary, who receives the escrow funds when the escrow agreement conditions are met.
2. The Contributor \ Depository, who transfers the escrow funds to the escrow account.
3. The Escrow agent, who controls when the conditions specified in a contract are met. The escrow agent distributes the escrow funds according to the escrow agreement.
The beneficiary and contributor can be either legal entities or natural persons. The legal capacity of a person is the only possible limitation that exists. In case of incapacity, the person may be represented by legal guardians.