Escrow?

We closed on our house 6/26. what does it mean when people say there is money is escrow for 30 days???

Re: Escrow?

Money is being held until whatever the issue is, is taken care of.

In our case, our atty held x amount of money in escrow until the seller's atty takes care of the garage CO issue. Once the seller's atty takes care of the CO, she'll get the money being held.

Re: Escrow?

after some rain we had we realized there is a hole in the roof where they ran a phone wire. the garage now has a leak against the interior wall. Is something like that taken care of?

Re: Escrow?

I would check with your atty. We all agreed to a certain amount of $$ to be put into escrow, for this particular issue, at closing. I'm not sure about the logistics of money in escrow without specifics. Call your atty - it doesn't hurt to ask.

Sorry about the leak...good luck!

Re: Escrow?

I left her an email...we will see what she has to say. Hopefully. not that its horrible to patch but its still the point. THE JOYS OF HOME OWNERSHIP!!!

Re: Escrow?

Are you in NY? I am assuming if you are they held back the $$ for a certain reason. Did you let the old homeowner stay past the closing date? I am confused

Re: Escrow?

Yes the homeowner stayed in the house for 3 days past closing.