Legal Question in Real Estate Law in New York
after closing, we are waiting for money owed
we closed on a single fam. home in LI
2 months ago. Contract stated that
termite damage be addressed. It
wasn't. At closing, seller agreed to
take care of it B4 he moved out (5
days after closing), but agreed to pay
us 800.00 if he didn't. Seller did not
take care of it. We are waiting for
the $that was held in escrow. How
long do we wait? Could we lose it?
What should our lawyer be doing?
2 Answers from Attorneys
Re: after closing, we are waiting for money owed
If it is more than 5 days after closing and termite damage was not addressed, the escrow should be released. Your attorney should write a letter to the attorney demanding that the escrow is released.
If the escrow is still not released, you may proceed with a small claims action against the seller for the money.
Mike.
Re: after closing, we are waiting for money owed
The first thing you should do is call your lawyer and ask exactly what the delay is. He should contact the sellers' lawyer and demand payment. If you are not paid, you will have to sue the sellers for the money. If it comes to that, which is unlikely, make sure you have all the paperwork from the closing, especially the contract to bring to small claims court. Make an extra copy for the Judge so that he can look at everything.
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