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Escrow accounts

Started by apt55
over 11 years ago
Posts: 127
Member since: May 2012
Discussion about
If a building is asking for an escrow account to be established shouldn't the terms of the contract be available. The managing agent would not release the terms until aggrement was made. The amount was agreed to but the terms are not known. Is this standard practice to have you agree w/o knowing terms. The agent will not release terms to me or my lawyer.
Response by Flutistic
over 11 years ago
Posts: 516
Member since: Apr 2007

Welcome to the world of co-ops. Either get used to being pushed around, or rethink the whole thing.

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Response by flarf
over 11 years ago
Posts: 515
Member since: Jan 2011

I'm assuming you're referring to maintenance payments put into escrow by a new shareholder. In my co-op, we've always made it very clear what the terms of escrow would be. I can't think of any reason somebody would expect a buyer to write a five- or six-figure check without knowing why.

It sounds like a rogue managing agent. I doubt the board is saying "let's take his money and not tell him when he can get it back." Maybe you should lean on your real estate agent to get it resolved. I certainly wouldn't say this is normal behavior, nor should anybody expect you to just write the check without a clear agreement on terms.

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