Explanations

When a conflict arises between signed escrow instructions and a signed deposit receipt (which is also known as a purchase contract), the escrow instructions are generally considered binding and take precedence. While the initial escrow instructions are often based on the purchase contract, they are typically signed later and reflect any subsequent modifications or agreements made by the parties during the escrow process. The escrow officer is obligated to follow the latest signed copies of the escrow instructions when closing the transaction or disbursing funds.

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