Preventing Seller from Receiving Escrow Funds
Started by NewOwnerNY
about 13 years ago
Posts: 2
Member since: Jan 2013
Discussion about
Just closed on our condo and the sponsor agreed to escrow a portion of the purchase price because there were still some construction items to be taken care of in the unit. The sponsor and building manager were initially responsive, taking care of some of the items on the list, but now have gone silent and the deadline (per the escrow agreement)to complete the work is a few days away. In the case... [more]
Just closed on our condo and the sponsor agreed to escrow a portion of the purchase price because there were still some construction items to be taken care of in the unit. The sponsor and building manager were initially responsive, taking care of some of the items on the list, but now have gone silent and the deadline (per the escrow agreement)to complete the work is a few days away. In the case that they remain silent and do not complete the work, how do we ensure they do not take the escrow funds? I know the fund trustee must provide written notice before the funds can be released, but I'm worried they will send a letter and before we receive it / can contest the release the funds will be in the seller's hands. If anyone has any ideas to get them to hurry up and do the work - that advice would be helpful, too. [less]
You have a lawyer? Let him/her take care of it.