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Return of 1 Year Maintenance Fees in Escrow

Started by Slay
about 8 years ago
Posts: 29
Member since: Aug 2016
Discussion about
I will hit the 1 year mark in about a week. When I purchased, I had to put 1 year's worth of maintenance fees in escrow for a year and then could request to have it returned (and I believe I get interest on that money as well?). So should I just email the board and ask them to return my money along with any associated interest accrued over the last 12 months?
Response by 300_mercer
about 8 years ago
Posts: 10570
Member since: Feb 2007

Email the managing agent.

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Response by Aaron2
about 8 years ago
Posts: 1698
Member since: Mar 2012

Does NYC law require that interest be paid on escrowed maintenance fees? The co-op is not a lender (in NY lenders are required to pay interest on certain types of escrow accts).

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Response by RealEstateNY
about 8 years ago
Posts: 772
Member since: Aug 2009

Or you can just stop paying maintenance for the next 12 months and have them take it out of your escrow each month.

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Response by 30yrs_RE_20_in_REO
about 8 years ago
Posts: 9878
Member since: Mar 2009

Look at the escrow agreement. It should have specified everything.

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Response by Slay
about 8 years ago
Posts: 29
Member since: Aug 2016

escrow agreement says its an interest bearing account but doesn't explicitly say that i am to be paid that interest

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