Question about Escrow account

[AlexK]

What is the name of your state? NY
Can the sellers Lawer be also an escrow agent and keep the
escrow money in his account IF he is also a partner on the building being sold? He represented his mother and his brother
who jointly with him own the building.

 

[HomeGuru]

What is the name of your state? NY
Can the sellers Lawer be also an escrow agent and keep the
escrow money in his account IF he is also a partner on the building being sold? He represented his mother and his brother
who jointly with him own the building.

**A: NO, because the lawya has a conflict of interest being a party to the transaction. Escrow or a closing agent MUST be an unrelated third party. And it is illegal to keep the escrow funds in his personal or corporate account due to comingled monies.

 

[AlexK]

Thank you very much, Home Guru.
Thats what I thought.
My second question: If my lawer (I am a buyer) said he demanded the return of the escrow money to me from the Sellers lawer but has no paper to prove it. Is that considered negligence on his part? And can I complain to a BAR association?
Third question: the Sellers lawer released escrow money to his
client (his mother) without notifying me or my lawer in writing.
Is that legal? The contract said that any communications must be done in writing. Can I also complain to a disciplinary committy
on the Sellers lawer. I suffered the financial loss of escrow money.

 

[HomeGuru]

Thank you very much, Home Guru.
Thats what I thought.
My second question: If my lawer (I am a buyer) said he demanded the return of the escrow money to me from the Sellers lawer but has no paper to prove it. Is that considered negligence on his part?

**A: no, that is considered incompetent. A demand should have been made in writing citing the amount to be returned and the date the return must be made among other things.
Next, your lawyer should have advised you not to give the money directly to the other attorney.
Last, the coorect spelling is lawyer although you from Noo Yawk, you can pronounce the word lawya.
*********


And can I complain to a BAR association?
**A: yes but who would you be complaining about? Their lawya or yours? You have better results filing a complaint with the State office that licenses lawyers.
*************
Third question: the Sellers lawer released escrow money to his
client (his mother) without notifying me or my lawer in writing.
Is that legal? The contract said that any communications must be done in writing. Can I also complain to a disciplinary committy
on the Sellers lawer. I suffered the financial loss of escrow money.

**A: you got problems and file the complaints so the crook lawyer can get his license suspended. There are too many lawyers in New York as it is.

 

[AlexK]

Thank you again, HG.

 

[HomeGuru]

Thank you again, HG.

**A: you're most welcome Alex, and good luck.
Or as they say in New York, yeah, yeah, whatever.