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(Insert date and place.)

It is hereby agreed by and between the parties hereto that the attached land contract shall be placed in escrow with the

................ Trust Company to be held by such Trust Company until the initial payment provided for therein of $....................

shall have been paid to such Trust Company, whereupon the said Trust Company shall at once deliver said contract to the vendors named therein, and shall remit said payment to the vendors respectively, share and share alike.

It is further agreed that if said sum of $................, the initial payment above provided for, shall not have been paid on or before 15 days from date hereof (here insert date to correspond with situation of the parties) then this agreement shall be of no further force or effect and the vendors may retain all payments made hereunder as liquidated damages and said Trust Company is hereby authorized to deliver forthwith said land contract to the vendors hereof and time shall be deemed to be of the essence of this contract.

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Vendors

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Vendees. Receipt and Certificate by Custodian.

The undersigned ................ Trust Company of the State of

.............. , does hereby acknowledge receipt of the above referred land contract for the uses and purposes as above stated and agrees to hold and dispose of the same pursuant to the foregoing instructions.

In witness whereof the said Trust Company has hereunto set its hand and seal this............ day of .. A. D. 19.....

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By................................................

Sec. 31. Defective Forms Of Land Contract

It is advisable from the standpoint of the vendee, to insert in the land contract a provision requiring a vendor to furnish an abstract of title to the real estate he seeks to sell, showing a marketable title in such vendor. Certain printed forms of land contracts widely used in the City of Detroit do not contain any provision of this character and should therefore be avoided, unless corrected by the insertion of such a provision.