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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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contract question - money in escrow
if you recently bought/sold a home, how much were the sellers required to keep in escrow, and how much was the daily payment for every day past the closing date?
TIA!!
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Posted 6/9/09 12:28 PM  |
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Prudential Douglas Elliman Real Estate
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: contract question - money in escrow
Our sellers left in escrow:
$2000 for pool opening
$5000 because they were staying 25 days past closing
Then they paid us a per diem rate for the first month (total of: taxes, interest, insurance)
We released the $5000 and when we open the pool we will release the other $2000
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| Posted 6/9/09 1:02 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: contract question - money in escrow
thank you!
bump for more input 
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| Posted 6/9/09 8:40 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: contract question - money in escrow
On average it is $2500 and as a buyer I would not accept less. The daily rate is around $150 and usually kicks in after 5 to 7 days after the closing unless otherwise agreed. However, if Seller decides to stay in the home after the closing they would be required to pay Buyers per diem mortgage and taxes for that period.
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| Posted 6/10/09 4:46 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: contract question - money in escrow
Posted by csorisi
On average it is $2500 and as a buyer I would not accept less. The daily rate is around $150 and usually kicks in after 5 to 7 days after the closing unless otherwise agreed. However, if Seller decides to stay in the home after the closing they would be required to pay Buyers per diem mortgage and taxes for that period.
i was hoping you would respond 
our attorney asked for $6000 and $300 per day 
they countered with $2000 and $200 per day, which i thought was fair.
just wanted to make sure i wasn't insane!
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| Posted 6/10/09 9:47 AM |
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ThreeCats
Train Ride
Member since 5/05 3127 total posts
Name:
A
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Re: contract question - money in escrow
2000 and 200 a day after 5 days is what we have in our contract, give or take
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| Posted 6/11/09 8:58 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: contract question - money in escrow
Posted by headoverheels
Posted by csorisi
On average it is $2500 and as a buyer I would not accept less. The daily rate is around $150 and usually kicks in after 5 to 7 days after the closing unless otherwise agreed. However, if Seller decides to stay in the home after the closing they would be required to pay Buyers per diem mortgage and taxes for that period.
i was hoping you would respond
our attorney asked for $6000 and $300 per day
they countered with $2000 and $200 per day, which i thought was fair.
just wanted to make sure i wasn't insane!
You could have FMed me. $6000 and $300 is a little high unless the sellers were planning on staying in the house a month after closing
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| Posted 6/12/09 7:15 AM |
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