Escrows Southern Ca Practice By E.l Farmer

Tke R6)ta Blue Book ol Cal"iforni.t

€scrorps Southern Californiapractice

E. L. FARmER,Manager EscrouDepartment Title lnsurance& Trust Co. Los Anleles

52

Tke RedtA Bhe Book of Calilornia

Escrows B? E. L. FARMB Defrnition-A Legal, Escrow-Defihtte Unil.efttanding NecessarA+C@rrtel,l,atiotu before Compl,etion ol Escrou* Cgrnplgte a d Prcper Instn&tions-The Agl.eenlent-In- . stntatiorls MuBt Cooer all Detail.s-Cornpleted Escrow i* Biftd:ing Escrou-Proper Instructions*Elet;en Poi,nts to Obeeme-The Escrow Eold,er-The Broket's D t1t. HATEVER may be the customof your communityin furnishing evidenceof title-whethea you use the old fashioned abstract, with an attorneys opinion, a ceitificate of title, a guaranteeor a policy of title insurance,it is obviousthat sometime must elapsebetween the original offel to sell and to buy and the inal consummationof the deal, A searchof title must be made to date, and that searchmust be passedon and an opinion,guaranteeor policy given as to the conditionof the title. In someinstances,a preliminary agreemeDtis enteredinto, and a small depositmade to "bind the bargain," or more frequently a receipt glven lor a sum paid "as part of the pr.rrchase price." Generally such "depositreceipts" ale looselydravn, are of little real value and are frequently dangerous. It is to cover this lapse of time, and to make more cer.tainth€ ffnal closingof the dealthat escro{rshave comeinto favor. DUFINITION

Where two or more pe$ons depositmoneyand instrumentswith a thild person,to b€ deliveredon a certain contingency,or the happeningof a certain ev€nt,suchmoneyaDdinstrumentsare said to be in escro\p,and the personwith whom they are depositedis said to be the escrowholder. There are two g€neralclassesof escrowsin use at the present tim€----one,which might be designated as an escrow based on good faith alone,and the other as €Lperfect or binding escrow. An escrowbasedor1goodfaith alonedoesnot containthe essential elem€nts necessary to a per-fect escrow, and is not one, ordinaribr speaking,that could be enforcedor that is bindirg, until it has been 4ctedon by the escrowholder by the delivery of tlle instruments;nal money,in accordancewith the instructions.olwhen the conditions ltave beenmet, at vhich time it becomesfinal. A I,EGAL ESCROW

A p€rfect escrow fu one thgt contains sU the necessary instructions that showa compleleheeting oi the minds on all of rhe es-

I

f he nea,trtaBLueBook of C&l,ilornltl ts of the deal. That is, it must be executedby all parti$, or if exe.utedoh their behalf, all parties so exI have adequate vritten authority from the proper in the escrow, clearly authorizing the agent or attorney

,them.

contain a.definite subject matter-i. e., the description of ' must be accurate end complete, sullicient to thoroughly idedtify the property, and such aa could not be conDor ft the description of any other parcel of lanal. A percaanot be made where a vague and indefinite descdption and the instructions state, "I am later to appmve descriprtisfacto$ to me." condition bf the title must be agreed on as to the incumsubj€ct to which the same is to be taken, tsxes endl assessiShtsof way, resemations, restdctions, or any other matters, teraN of any such incumbrances, showing clearly that the Lave coNidered the subject ard that their minds have met, t Buchmatte$ have not been left open for a later agreement the parties. anount of the considerationmust be agreedor, and not be io any reservation of a right to change same through any either of the parties. It must be definite and not subject to a todification or change through the separate calculations of one Dsrtiesto the escrow, or subject to a later agreement between DEFINITD UNDRSTANDING

NECESSABY

i$ for thesereasonsthat it is necessaryand advisablethat all to an escrow should meet in the escrow office at the inception deal, that all matters may be discussed and all questions on. there may be a perfect meeting of the minds when all

€sare thus sssembled,the agent should seethat the parties have 'thernthe guaranteeor policy of title insurance,fire insurance a copyof ary existing lease,and any other instruments red to give the exact conditionof the title, that the escrowclerk be in a position to draft instructions that will cover all of the rtial points. It is obviousthat at this stage all instrumentsshouldbe drawl, by the proper parties, acknowledged and placed in the escrow

appropriateinstrlrctions. Instructions shouldlikewisebe drawn propelly signedas promptly as possible. All money should be in esclowto be usedin accordancewith the sisned escrowinThis can all be doneif all information is in hand If the money and the instruments are not deposited at the inof the deal, it is manifesl lhal after the examinationof titl€ beencompletedit will be ne.essarythen to wrilp to the partres the balanceof the money and the instruments. This, with the time necessaryto clear a check through the bank, consumefmm five to ten days' additional time, and if the cleck chancpjo bc on ar easlern bank, it will lake moch lunger to

54

The ne&LtuBLueBoak of CakJonri.l

It is the experience of those handling escrows that over fifty per cent of the time lost in closing an escrow is due to instruments and moneynot having beendepositedprior to the completionof the examlnanonoI uue. Ilerefore, if time is material in the closing of any deal; it can be seen lhat the rule o[ depositing l,he instruments and monev promptlywjll greaLlyfa.ililarethe closingof the l,ransaction. CANCELLATION BEFORE CO}dPI'ETION OF ESCBOW

Again, it is a well known fact that r rhile the buyer and seller are, at the inceptionof thp deal,borh willing and anx:ousto consummate lt. rt rs an exceptionto lhe rule where one or lhe othel of the parties doesnot changehis mind and desiresto cancelthe escrowafte; a few days' time has elapsed. ft is commonexpedencethat .whena seller has agreedto sell his property, he 6nds, or believes that he could have maae a better deal with someone else,and if there is any loopholethrough which he may rescind the agreementhe will try 1o do so. lf [h; instructions have not beensignedby all of the prcper parties, or iI there has not beena perfect meetingof the mind6as l,o (he dpscriptionof LheDroD" erty Lo be conveyed.or to the ler7nsand condijions of the incuri_ brances,or as io the adjustmentof rents,taxes,interest,insuiance,or any olher mal erial rnatler.he will take advantageo t rhai point in sup. port of the cancellationof the escrow,analthe escrowwili fail. COMPLETEAND PROPERINSMUCTIONS

. Oi if, on -theother *rand.rhe purchaser,who has only tentati\,€ly srgreo up under one ot the escrowsbasedon goodfaith, has a desire to withdraw from thd escrowbecausehe believisthat he'is payinc too much lor the property. or could have purchasedan equalli d;si;able preceot prcperty Lbr lessmoney,he likewise would lake advantaseof any tecinicality lo support his cancellalion of the escrow. He w;uld retuse.toapprovethe descriptionof the property,or the terms of any lncumorances,or the amount lor which the property was leased,oi the adjustmenl,of any inrerest. rents or oth;r inrtti"" i"fi o*ri in the ongrnal instructions.and the deal wguld iikewise fail. ll. however,all oI ihesepoints had beencoveredin lhe orisinal . rnstruc$on6.the proper parties had beensigTedup, all of the terms atrdro-ndrtronsagreed on and all the money and inslruments de_ posited in escr-ow,the escrow holder coutd not refuse t" ;t;;; the l,ransaction-u-nless upon an allegationof flar.ld,or somesuctraitesa_ Lron.as. Fould, underthe law, invalidatea contracl,in which castit wourd be necessarytor the party claiming such lo go inlo courl and securea,restrainingorder againsIthe esctowholdeifrom proceeain! to closethe escrow. .Ihe escrow holder would then hold the money and instruinents until.the fighls of ihe partjes wpre adjudicatedby a a;rt-;i;;;;; rent Junsorctron. or lhe inslrumentsand moneymight be turnedover to the court to detemine lhe rights of the pariies." , .. ilscTowDlankshave beenpreparedand are availablethat include ooln an agreemenlto.Onveyand escrowinstl.uctions in the onein-

Tke Re.akgBIue Book'ot Californtu' it Dossiblethat all monev shall be deposited with and that all of the writing ,n conneclionwilh the

tt'" i^"i,eld; o. lend.-""

iirl'"iii

mavbe.mav

"*""escroY'/holder' one instrimenl and held by ihe edin the"ii, is incorinstrument an of such a copy convenience ln.

'

Agreernent

of Sale

DscrowInstructions T, dadF ar Los AngFlos. Calitottria, lbp .. ... .. . tc2 . .i bersean

called the Purchaser iT}l, that said sell€r..... asree-.... lo sell io stid Pnrchdel.. --.Cotrntv of Los . ... ..-...-.. ty ln the City of...-... ol Calirornit, descriled as lollows: of t*es

!l

. . . . . . .. e\p.ulpil

tor the iscal

pHr .ent pFr anbunr 'rom by

, ol which $.-. tle snm ol $. .. ..-.:..-..-.,. ! cs!, .rd lbe ba)ancp hereby agree to lurchas€ sald proDertv o! 6std Purcha6er.......-ilo oDs ald on the terms above set folth; ..do herebv !nuttrallv select s&iit S€ller.-...... and said Purchael...ff Eolder, for the plrpose of handling in ecrow tne fioney a.d i! tlris as.eemetrt lefeted to: saiit Selter-..-.-,.do......-.herebyasr€e to deposit ir sid escrow t aood Craol

Dppd.

in lavor of saiil Purchaser. -..on . executed by said Seller. - .-, 192-... -. - - - . . . - . d a yo i . . - . . . . . - . . . - . . . . , . . . . . , lhe -----..- do...-, he.eby aeree io pav to saiil Escrow Ilolder eft Purchaser

rscrow,ihe purchaseDrice or saiil propertv in tne sum herein agreed to ...-.herewith,atrd tlalance of l-....-...-,...-.. d follovs: $.......

t h e . . . . . . . . -.-- . . . . . - . . . . . . . . . d aoyl . - . - . . - . - . . . . . - . . . - - . . . . . . . . . - . , 1. -9,2a.t-r d t o atrd a sum sufticlent to pav Faiil Purchaser's the note &nd Mortstse

Trust Dee.r belore the close of said escrow;

it is agreed thrt out ol said pufchase p.ice so paid, said Escrorv shall deduct its ch.rseB ror rhe m.kins of the Guarantee ol Title, Nlth , which Guarant€e ls ftere{nder lnniied to ,$. ..-...-.......... ord€red, ald its €s.roN cnarEe, and that lrom stid purchsse n'onev, Eolder snall aiso !.y all incunhrances iound ol record asatnrt

Tke Real,t?tBLaaBook of Cakforni.q,

AND a Moltsage

fo! $-,.--....-...-...--

b.sr€ilbofore d$crined, aDil shall ediuBt htetest theleoD to..,,-..-..-,,.--........-....-,,, baded on a vrttteD stateD€nt lrcm t!€ lesal trolder ot the Note, whtch state Ee4t said Seuer-..---.-do-.---..hereby aare€ to have Dlaced ln satal es€rov; AND it ls aEreed 1btr.......-.-.......-....-......-. i3 the aseDt of saiii Seiler.-,.....iD thls t.aDsactio!, that..--..--...,-..-.-.-comdisstoD shau be $.--..------...--...---.-.........-......., and Bhall be lalil througb satd escrcwl AND that 3.id Selle. - .-sharl Eot co!6ent to aly c&Dcellatton ol thts 4sree@elt wlthout nr6t obt.tniDg the con8e4t of sairl as€nt; AND drtd Seller-.------ag.ee- ..,,thal.,--..--....,...,--.-relll cause fo b€ ptac€d iD sial escrow 4ll Decessary inttrrmerts ud tNhuctloDs rcquireit to pt&e the tttle iD the coDditior call6d lor herein; AND it is Dutuarly aeTeed tLat wh€D sid Selle!-_...-_.shaUh'e crused ro be llaced {tth 6.id Escrow Holiler the Decasary craDt Deed_.--_.. dd other iDst rE€nk ard inBtruclloE r€qulr€d to c.rrr out the terms of this rgreeoert; and Baid Purcbdser sh.ll h.v6 causerl t tle deDoslted i! satd escroF the rcquired DoDey, by tle ue ol which satd EBcrow Holde. caD idsue tts euaraDtee, showing th€ record title to b6 vested iD satd Se1te.,,.._,,..subJect orly to the coldttioDs, restncdoq anit r4eryetions .eferred to, theu said Er.roq Holdar shall .au6p rh6 Crdr Deed.... aDd other tnshuDentB to be iocorded tn the olrico ol the County Recoiler, dd shau theretrlon iDDedlately pta.e saiil purchde moley to th€ account oI said S6lle.-.---i4d dtEburse B.Ee tn acco.itelce wtlh saiit eBcrow instru.ttoDs ond the tems of this asreement; Sa,id Seller.-..--..wi1l c4u€e to be ptaceil la sald e6.roF, file tDsu.ance iD the BUE or 9.,,...-....-.....-...-___.---_.-which BhaD be transtefled, anal ior Fhich satd Purchase.-..-,,..shall pay pro rata tlroush said escrow; It is muiu4lly asrced that the dat6 ot treDBter ot said prolerty shalt be a3 of tho date o! recordilg o! the Grant De€d,-- by said E8crow Holder atril such date of bakirs of the Crant Deed,__-. . ............ sha;Il De ltr accordance sith the uBual custom oi Baid Esdow golder ani! at sucrr tiD€ oi the day aEtl on duch day aB it Eay el€ct. aDd that th6 coDditto[ ol title dhrll be as ol the date ard,tihe ol the. recolditrs ot sid illtruDeDts. Tiqe is declared to be of the essenco of thts asreeEeat, ad ot th€86 i!. shuctioDs. Il 6.id Escrow Iloliler iB uDable to compty vitl these iastlucuon! {ithin tle tiloe specli€d ly lga8on of the (tefault oi either sa.tit Seller-..--..-or ol 6aid Purcha.€er. .,, €lt!e! Darty boy, ar, ........--..---.......Fle.rton. brtne.cUor ror Bpeci6. perlorbarcs ot rhe tems of rbis acreeDerr. o. th; on6;t 6sld partl€s [ot tD delault, nay, iI ., -__..,_.,.,....-.so elect, demanil the reiurl oi th6 EoDey aDd tle i$tru@ents lD said €sc.oF itelostt€d, aDiI th€ caDcellattoD ot s.id eBcros, subject to the colsent of th€ agert, But 1. the absence of DoUc. ol eithq sucb etion6, sriit Escrcw golrter 6hatl lroced to close esld escDv d 3oo! a3 Dossibr€ there4lter. It ia Eutualty agr€ed iy .DrI betveeE tI€ DartteE her€to, thst should ellber parly opposa tba carryios out ot rh6 (€.ms ot rbts asreeD€br, auesiDs iD wrlttDs to said E8croq ltold€r tbat rbe.ab6 is Eot btbdtbs ror aby.€!5o; rccoetrlzed by lrs, rbe! Mirt EBcros Holder sbetl be erti Fd, on lts el6iflou. to bold rbe EoDcy dd lb6rrumprr6 ib escrow until a! aclio!;hall b€ brou.hi h r .ourr ol propFr JudsdictioD to daterntD€ the risbrs ot the Danies L; rhe asrcpmpnf: ard said E8.roE Hold6r shall, upoD rh6 delivery ot said Doq€e ud il8trumalts toro ibp jurisdtc o! ol tbe Courr tayila cbuse of 6ucb scti6b, bo .ctlov€d ol all lurtler llrbiliry abd resloDslbl)lty therefor. SiaDatDr€

Adilress.,-..,,.--,..-..-Slgnature ,-..,--..--

The Realt?t Blue Book of Calilonia INSMUCTIONS MUSA COI'ERALL DETAILS

ccessfullydraft instructions to make a pefect escrowit is to go furlher than simply to find a partt who has property d another_palt-y who desires to buy. You must go-baik to of your original listing of tle property.

A" owns-agiven piec" oi propeny-and'is desirousol placing the Earket for ssle, he is doing so becausehe wishes to dis: it al a statedprice. lf tha ngpnl is ro do his du.1 ne witt 1|y€xpend.trmeanclmonFJ in adverlisingand displayinglhe

ty. .Beforehe slrrrs r-oshowlhe proppflyro ant i,rospitrrp Deehoulcl knowexa(lly thp .ondjlionin $hi.h he .ar, deliver if thepurchaser is wjlling to buy. 'orc,

at the iime of listing Lheproperty, anll whlle ,he seller aDdwilling lo disposeof il, he shouldsecurelhe cprrificate,

eeor policy of title insurancethen leld bv the owner. or ii a mor"tgagee, he shouldsecurean order which will entiUehim himself \r.ith the condition of the title as shown bv the

Bhouldbe clearly-statedin your listing who is ro pay lhe Laxes. In-eyare to 0e adJusledor proraled exaclly on what basisand strdto what date. The co ect name of tle owner of the proIF s shownby the records,shouldbe given,togetherwith the nanie if the spouse'ssignature is essentiat(and it is in most e spouse, ) and if such signaturesare necessaryto the executionof the ot mortg&ge,ihose signaturesshouldbe signedto your listing. Tle nature and iegal refer.enceto all exceptions or incumLrances ld be given sufficiently fully ro identify them, anal to show that

haveb€enconsideredand that there has beena meetirg ol the s.thereon,after. the purchaser has signed up, giving p;ticular otion.tolieDsand imumbrances,inc)udingstrelt-liens-andbonds. 'r'rretenns and concultons ol any morigage Or oLhprincumbrance lhe sale is made subject should all be noted. The name oI

fite insurancecompanyissuinglhe policiesof fire insuranceshould :lven,the numberof eachpolicy,the amoun!thereof.the premium, of etpiratio_n.. etc..-should all beon your listingcard. t'he ter;; conoronsot thesale.l,heamounloI cashrequiredand thetime at h it rnust be paid, tle time to which inteiest, rents, taxes, i;nc€,etc_., are to be prorated should be stated in your listing, as asthe dateon which possession is to be grven. Then.when-you-have founda pur.hasei,you.rr, pr.esenr to hlm exaaD -condlltonln which Jou can furnish lhe tiLlp, and all of the r ofthelransaction.lf he agaees that he will purihasethe oroo_ und€rthose ter.ms-and conditions,you can have the purciraser a deposjt!o bind the barsain. if you so desire,-d i"1;;-;;;_ ry recerptincorporateall the essentialdetailsof the transaction, Itray be secured from sucl prop€rly prepared tisting card. COMPLETEDqSCROWTS BINDING ESCROW

You-Lhen have a spller who is willing to sell and able to deliver and a.purchaser who is willing to buy and able to purchase.

aDytime elapses,if you can, bring bolh your buyer ;nd seller

The Realtg Btu'e Boak ol Co'l,ifornia toqelher in escrow. You can have €scrow iDstructionsdrafted tr|at *iii fi.a itt". a^stightly as anv agteementto buy and -sell cao be made binding, and if all the essentialpoints are cov-eredrn ule.rnstructions, and signed in lhe manner heretolbre rndrerteo' nerurer i:""* rriJ atv .;gXt t" changeor alter the instructioDsto lhe detri--eni oi tr'J oitt"tl ana Deitheipartv can cancelwji'hout lhe conseDtof the other party to the eacrow, If all ot tI; moneyanclinslrumentsare depositedat the dale-the escrowis stafted, the escrowmay be closedaa soon as the searchol iitie ls compteted, without further coDsulting with either the buver or the seller. Tllis in itself $rill save fifty per cent of the time required to close lr"o"se after'the search of title has been made, if tn" t j*."tio", must then report to the differcnt partjes that tle iiie isi;;hotd* ha.sbeenfinished,l,herewill be the delay in wnt' title of examination ing such repon, and then there will be Ue time taken by the mails to deiivor such letiers, the time lor the parliPs to gathe-rl,heir different ins1"u-ent" and m6nev and to either write or visit the escrow office to deposit thent, and the time necessaryto clear on any checkaas may be -After crven, all that has beed completealit will be necessary Jor the title company to check the title from where it was found to be at the date of iig report, to again make exarninationof the records,notonly ior deeds.m6rtsaees,-etc.. bui, for judgments, coult proceedings bankruptcies,divo:rces,and all other matters that might affect t}Ie .nndition of the title. This entails additional work alrd requiresadditional Ume. You would. therefore, have lost, iI you had not everything jn prior to the comDl;tion of the search,all the time betweenthe date of the title comiant's first examination of title and the date of the final clo8ing of the deal. Any agent can find a pieceof property thal is for sale,atrd any asent can find someDurchaserwho wants to buy property. Ine real oi'oblemis Io brjnc Ure buver and seller together.securea perfect meetinEoI lhe minds, reducpthe samein writing in su'h a way as to make a"valid contract of same,and finally to successlullyclosethe transaction. PBOPERINSMUCTIONS

A properly drafteal set of escrow instructions should cover ev€ry essenti;l D;ina of the deal, should proYide for the pa)'ment of agengg commission, should cleally set forth a summary of the entire transaclion, the full purchaseprice, how much is to be deductedfor incurn' tianc6s existini of record,houtmuch is to be paid in cash,how much is to be evidenad by a purchasemoneymortgageor trust deed,and the full terms and conditions thereof, lo when t}le taxes are to be adjusted,the renls, insuranceand every detail of the transaclion. ELEYEN POINTS TO OBSEBVE

When you are ready to make an e€clow, keep the foltowilig au8_ qeBtionsin mind:

Tke n@kg BhLeBook ol CdlifornirL er possible have all padies to the escrow meet in the ofrice.

the guarantee or policy of title insurance, fire insuLanc€ s, Ieaies,etc.,and any Jurther instrumentsrequired,into all instrumentsdrawn, sigred, acklowledgedard placed at once. aJlinstructionsdrawn aDdproperly signed. anyoneis aciing under power o[ attorne). or -asaulhorized gnt,bring into escrow satisfaclory evidenceof aujhority

ve all instruments,money and instructionsplacedin escrow once,and at the time of signing escrowinstructions. lot ask or expector wait to be notifiedto bring into escrow that should be deposited.

the instructionscarefully before signit1g,to be sure thai intentions of the padies are cleaxly expressed. not attempt nor expect 10 be permittpd Lo rhenge. alter or lifv the instruction! ol onp partl to Lhe po"sibledeirimeni

of the other parties to the escrow. Do not forgef thai, any delays on thp part ol one delayqthe work on the enlirc dealand delals other deels Rememberthat all checksor drafts on outsidebanks are subje"t to O"lnysof collectionand possiblechargesmadeby the collecting banks. lrnembetthat the value of an escrow dependson your manner ii. It you iollow trre roregoing sugges,iors, both ss to listing mannei of depositing your escrow' you will find that it is a aid in tle suicessfulclosingot your lransaclions fHE DSCBOWHOLDEB

he escrowholder is not a mere agent. He is not subject to the analrules goveming agency. He must be a neutBl parLy* io jnconsisientwitf agency. He is in a class bv himselfwlich. in thp caseof a perfecl I with ce*ain respons,-ibiliiies unlesswith t}le consentof irrevocable. : meketjle insl,ruciions It shouldno! be forgotten that the agentalEoowescertarnobligar to the buyer and to tle seller. Wlile he isjn the emplov-ofthe iand whiie it is his duty to make as good a deal as he can for the j who is paying for his seryices, he must not overlook the-fact he must itdy t;jr wilh the pulchaser..lhtt he musl nol advise to'accept any evrdenceof title other l.han he himself iurchaser' id be willins to acceptwere he purchasingthe property. ihe buyer ot today will be lhe seller of tomorrow'.and^if he is of selling t lr""t"a'f*lttl hcsr'illrrotgive lheagentan oppori'unitv i pmperty.or'jf he doeslist LheproDetty with that agent at such tiire'as i',e may desire 10 sell and then finds that he has been

60

The Reolt! BLueBook ol CftliJurnia

advised to accept some form of title that is not agreeable to his purchaser.or someform of litle lhar doesnol give him adeouate;rotection,that ualsa.lion would prcbablyerrdall .hancesof doinq further businesswith that palticular client. fHD EROKER'S DUTY Your obligaliondoesnol ceasewLththe mere receivinsoi vour cornmission lrom the'down payment,"bul )ou are morally-and;rcfpssionallyobligaledto both principalsuntit the title has a.tua y passedarld the dealconsummated.Too many agentsthink only of the conmission,and believetheir duty donevrhenthe parties have been brought together. No agent shouldbe a pa y to an attempt to so draft escrowinstructionsas in effectto give an optionto the purchaserto buy a pi€ce of property nithout being under any obligaiion to buy that property oI to compensate t]|e seller.for holdingsameoff rhe r.ralket. Such inshuctions savor more of bad faith than o[ aood. lr, othe) words.you shouldnot be a pany to altemptingto tie up sorie onc.s propelty lvithout giving a valuableconsidemtiontherefor, wllen an agent has eamed the reputation of properly lis[ing his properlies,bringing his parties jogether in escrowin a way thflt-will resull in the draftibg of a perfe.l esclow.staying wi1h thai dral unlil it is finally closed,handling it successfullyand bringing it to a satisfactory conclusion,then he will establishhimself ai alcal factor in th6 real estate profession, and will appreciste that an escrow. DroDer_ ly used,is his mostvaluableally.