What is the name of your state? Florida
We sold our home in Florida and agreed to place a limited amount of funds in Escrow for repairs (dollar amount clearly specified to both our agent and title company representative). The amount was based on an invoice received from a prearranged contractor. Due to the excessive amount of hurricane damage, the contractor had not been available to do the repairs prior to closing as originally expected. We were told the repairs would be completed within weeks after the sale. The buyer's agent also contacted our contractor prior to closing and was told the same.
At the time of closing, the title company representative as well as our agent unexpectedly told us an additional 50% of the cost of repairs would be required in Escrow "Per State of Florida Law" due to the possiblity of "unexpected repairs which might be deemed necessary".
22 days after closing, the buyers chose to call a different contractor who charged double the original price and they now want the entire amount escrowed to offset their costs.
This doesn't seem like "unexpected additional repairs which are deemed necessary?".
Any thoughts?
We sold our home in Florida and agreed to place a limited amount of funds in Escrow for repairs (dollar amount clearly specified to both our agent and title company representative). The amount was based on an invoice received from a prearranged contractor. Due to the excessive amount of hurricane damage, the contractor had not been available to do the repairs prior to closing as originally expected. We were told the repairs would be completed within weeks after the sale. The buyer's agent also contacted our contractor prior to closing and was told the same.
At the time of closing, the title company representative as well as our agent unexpectedly told us an additional 50% of the cost of repairs would be required in Escrow "Per State of Florida Law" due to the possiblity of "unexpected repairs which might be deemed necessary".
22 days after closing, the buyers chose to call a different contractor who charged double the original price and they now want the entire amount escrowed to offset their costs.
This doesn't seem like "unexpected additional repairs which are deemed necessary?".
Any thoughts?