Releasing Held Escrow for lack of action

[EagledPar4]

undefinedNew York

I have put up a substantial sum in excrow until a certificate of occupancy can be obtained on a small extension that was made to a house that I sold. The paperwork was completed in early July. By October the home was inspected by the county and everything was ok except the laws for smoke detectors had changed and therefore smoke detectors had to be hardwired. The purchasers knew about this at time of closing in June. They finally got a quote to do the work, which I agreed to pay for. Months later the work has still not been completed.

I want to know how long my excrow can be held until they decide to go forward with the installation of smoke detectors, The contruction work has been approved by the county. The cost of the somoke detector installation is approximatley 4 1/2% of the total escrow being held.

I'd like to have my excrow released. The pruchaser and their attorney are simply nasty people. What if anything can i do?

 

[seniorjudge]

What does the written escrow agreement say about this situation?

 

[EagledPar4]

What does the written escrow agreement say about this situation?

I don't know. I don't think the attorney put any time limit into the agreement.

Also I don't know what you mean about barking at people. I hadn't even seen your response until just now.

Thanks for your interest.

 

[seniorjudge]

...Also I don't know what you mean about barking at people....

Did you see this in my signature?


(What follows is my signature and is NOT part of my response):

Anyway, escrow agreements usually have time limits in them. Read the thing then let me know.

 

[EagledPar4]

Did you see this in my signature?


(What follows is my signature and is NOT part of my response):

Anyway, escrow agreements usually have time limits in them. Read the thing then let me know.

Thanks I'll get back to you

 

[EagledPar4]

Did you see this in my signature?


(What follows is my signature and is NOT part of my response):

Anyway, escrow agreements usually have time limits in them. Read the thing then let me know.

There was no time limit written on the escrow agreement, I guess the attorney forgot to put it in. So can this go on forever and I have no leg to stand on?

 

[seniorjudge]

There was no time limit written on the escrow agreement, I guess the attorney forgot to put it in. So can this go on forever and I have no leg to stand on?

Okay, now it is time for you to get an attorney (as you should've done before you signed the escrow agreement). This sounds like sloppy work on that lawyer's part.

 

[EagledPar4]

Okay, now it is time for you to get an attorney (as you should've done before you signed the escrow agreement). This sounds like sloppy work on that lawyer's part.

Unfortunately I was in the room when this escrow agreement was put together by my real estate attorney at closing. Of course not being an attroney myself I assumed he put everything into the agreement that was necessary.

If I go out an egt another attroney am I having them file suit against my original counsel for incompetance? Or filing a motion with the court that say that the buyers are dragging their feet and not completing the CO inspection? Or something else? I would assume that since I signed it I am committed to the covenants, which I was, but I assumed that the buyer would want to expedite the CO process not delay it just to give me a hard time.

 

[seniorjudge]

Go get a better lawyer.

Start there.

 

[HomeGuru]

Good starting point.