Escrow Question

[siowner]

What is the name of your state? New York At the time of the closing there was a building violation on my property. The seller's attorney put some seller's money on the escrow so the seller takes care of the violation within 2 months. The 2 months has eneded and the violation is still there. Am i eligible for the that money (the escrow deposit form says that i am eligible when 2 months is gone)? If so, how do i collect it? Also, when i collect that money does it mean that the seller is off the hook? or he is still obligated to take care of that violation? Thank you much

 

[HomeGuru]

What is the name of your state? New York At the time of the closing there was a building violation on my property. The seller's attorney put some seller's money on the escrow so the seller takes care of the violation within 2 months. The 2 months has eneded and the violation is still there. Am i eligible for the that money (the escrow deposit form says that i am eligible when 2 months is gone)?
If so, how do i collect it?

**A: send a written request to escrow.
**********

Also, when i collect that money does it mean that the seller is off the hook? or he is still obligated to take care of that violation? Thank you much

**A: once the money is paid from escrow to you, the Seller would be of the hook.
So please check with an attorney before you do anything especially if the cost to cure greatly exceeds the amount of funds held in escrow.

 

[siowner]

Thansk for your reply. The cost of repair exceeds the amount on the escrow account by at least 10 times. So what would be the best thing for me to do to get it resolved? I understand that if i collect that money the seller would be off the hook. Let's say i don't touch this money, is the seller obligated to take care of it if I opt to leave the money there? Thank you much

 

[HomeGuru]

Thansk for your reply. The cost of repair exceeds the amount on the escrow account by at least 10 times. So what would be the best thing for me to do to get it resolved? I understand that if i collect that money the seller would be off the hook. Let's say i don't touch this money, is the seller obligated to take care of it if I opt to leave the money there? Thank you much

**A: read the last sentence to my previous response.

 

[siowner]

I cannot really deal with the attorney that represented me at the closing anymore. Is there any other suggestion on how I might handle the situation? Thanks much

 

[HomeGuru]

I cannot really deal with the attorney that represented me at the closing anymore. Is there any other suggestion on how I might handle the situation? Thanks much

**A: yes, deal with a different attorney ie. a new one.