Kee Escrow Services — Terms and Conditions

  1. Scope and Authority
    Kee Escrow Services (“Escrow Holder”) will hold funds in accordance with the fully executed purchase agreement and any written, mutually signed amendments or closing instructions. Escrow Holder will disburse funds only upon the closing of the transaction or when the purchase agreement clearly establishes a condition for disbursement. Escrow Holder has the sole discretion to determine whether any condition for disbursement has been satisfied and may require a court order before releasing funds.
  2. Disputes
    If either party disputes entitlement to the funds, the Escrow Holder will freeze the funds. If the parties are unable to resolve the dispute, either party may file a civil action against the other. The Escrow Holder will not disburse the funds until receiving either:
    1. a written, signed agreement by all parties directing disbursement, or
    2. a court order.
    Disputes over escrowed funds are solely between the buyer and the seller. The Escrow Holder has no obligation to initiate or participate in litigation, including interpleader. The parties agree to indemnify, defend, and hold harmless Kee Escrow Services from any claims arising from such disputes, except to the extent caused by Kee Escrow Services’ gross negligence or willful misconduct. The Escrow Holder may comply with any lawful court order and will be protected in doing so.
  3. Administrative Fees
    • No charge to deposit a cashier’s check or personal check.
    • Up to $15 per transaction to process an online deposit.
    • Deposits that remain undisbursed for twelve months are subject to a $40 monthly administrative fee beginning on the first day after the twelve-month period and continuing until disbursed or escheated.
    • If funds must be escheated to the state, a $150 administrative fee will apply.
  4. Interest on Deposits
    Deposited funds may be held in interest-bearing accounts. Unless prohibited by law or otherwise agreed in writing, any interest earned will be retained by Kee Escrow Services as compensation for escrow, accounting, and administrative services.
  5. Escheatment
    Funds that remain unclaimed or undistributed will be handled in accordance with applicable unclaimed property laws. If escheatment is required, Escrow Holder will remit the funds to the appropriate state agency and will deduct the $150 administrative fee prior to remittance.
  6. Instructions and Reliance
    Escrow Holder may rely in good faith on written instructions, notices, and documents that reasonably appear to be authentic and signed by the appropriate parties, including email or electronic signatures where permitted by law. Escrow Holder is not responsible for investigating disputes of fact between the parties.
  7. Governing Law and Venue
    These terms are governed by the laws of the State of Michigan. Jurisdiction and venue for any action relating to the escrow or these terms will lie exclusively in Macomb County, Michigan, including courts sitting in Clinton Township or elsewhere within Macomb County, as applicable.
  8. Liability; Indemnification and Hold Harmless
    Escrow Holder will not be liable for acts or omissions taken in good faith and with ordinary care. The parties agree to indemnify, defend, and hold harmless Kee Escrow Services and its employees and agents from and against any claims, losses, damages, liabilities, and expenses, including reasonable attorneys’ fees, arising out of or related to the escrow, except to the extent caused by Escrow Holder’s gross negligence or willful misconduct.
  9. Compliance Costs; Subpoenas
    If Escrow Holder is required to respond to subpoenas, discovery requests, depositions, testimony, audits, or other legal or regulatory process related to the escrow, Escrow Holder is entitled to recover its reasonable attorneys’ fees and costs, plus reasonable administrative time and expenses, from the requesting party or from the escrowed funds as a court may determine.
  10. Refunds to Purchasers
    To protect purchasers from fraud, any refund or return of funds to a purchaser will be sent only to the same account, in the same payee name, and by the same payment method from which the funds were originally received. Escrow Holder will not redirect funds to a different account, payee, or method, including any third-party account, without a court order, Escrow Holder may refuse or delay any instruction that raises fraud concerns and will not be responsible for delays caused by verification.
  11. Miscellaneous
    If any provision of these terms is found unenforceable, the remaining provisions will remain in full force. These terms supplement and do not replace the purchase agreement or closing instructions. In the event of a conflict, a court order will control, followed by mutually signed written instructions, then the purchase agreement, and then these terms. Escrow Holder does not provide legal or tax advice.