Notice of Waiver of Escrow Condition

Summary

This notice of waiver of escrow condition template may be used by either party to an escrow to give written notice to the escrow holder and the other party that a condition of the escrow or a party's obligation to perform has been waived. This template includes practical guidance and drafting notes. A party to an escrow may waive the right to performance of conditions of the escrow, and performance of a condition is not required when it has been waived by the party or parties it was intended to benefit. Use this template when a contingency provision provides for automatic cancellation of the escrow or the underlying contract unless a specified party gives notice that the condition has been satisfied or waived. It should also be used by a party who desires to waive a condition that is a condition precedent to the close of escrow under the party's own instructions. A party's unilateral attempt to waive a condition that was intended in whole or part to benefit another party will be ineffective. If there is any question about whether the waiver was intended in part to benefit some other party, the party making the waiver should attempt to have the other party sign the notice of waiver or otherwise approve the waiver in writing. For guidance on escrow agreements in general, see Escrow Agreement Basics. For related templates see Escrow Agreement (Purchase and Sale), Supplemental Escrow Instructions, Amendment to Escrow Instructions, Notice of Cancellation of Escrow by Mutual Agreement, Notice of Cancellation of Escrow for Default or Failure of Condition, and Notice of Satisfaction of Escrow Condition.