Legal Question in Real Estate Law in Illinois

Re: Getting money out of escrow, post-closing

For both questions, it depends on the terms of the escrow agreement. I am not sure where you are located, but in many parts of the state, the weather has probably delayed septic system installations, and now that it has warmed up a bit, there is probably a backlog of work which may delay it further. It would be unlikely that you could get the escrow funds if it was impossible, or at least unreasonable, for the buyer to be able to complete the work within 90 days.

Re: Getting money out of escrow, post-closing

The terms of the escrow agreement you entered into at or prior to closing should cover how the money is returned, who gets the money, and whether either party can take the escrowed funds without the other party signing off. Look for a copy of the agreement or call the attorney who handled your closing. He or she should have it and should be able to explain the terms of the agreement to you.

Re: Getting money out of escrow, post-closing

Who is holding the escrow - a title company? Do you have a written escrow agreement, and if so, does it provide for a return of the money to you if the septic system is not installed within 90 days? Why hasn't the septic system been installed? Has weather or winter conditions prevented installation? Generally speaking, escrows establish a fiduciary relationship between you, the buyer, and the escrow agent. If the parties do not agree on disbursement, then the escrow agent would possibly turn the money over to state district court to hold until the court would decide how to disburse the money. This answer does not constitute legal advice because you are not as yet my client.

Re: Getting money out of escrow, post-closing

You need to review the escrow agreement. If nothing is in writing, contact the buyer and see what their intentions are and whether you can work something out with them. If that doe not work, you may need to contact counsel.