Legal Question in Real Estate Law in Michigan

Re: Eskrow

There are several buildings in our area now that are in trasnition due to sales or pending sales.

If you have a lease with your community your rent can not be adjusted until the end of that lease, when it may adjust as well for renewal. Leaving now if you are under a lease may result in actions against you for early termination of your lease.

The money is likely being placed with a holding company now so that if purchased the new owners will have access to it for expenses they may have incurred for operating the building. If the payments you are making into an escrow account are your rental rate, they will likely not be refundable since the building owner will be due those for expenses incurred and you will have gained a benefit from it-a place to live.

www.SevickLaw.com

Re: Eskrow

No one can really answer that for you, it's not a legal question.

Re: Eskrow

Escrow does not affect you - just keep making your payments and the management companies will sort it out.