Legal Question in Real Estate Law in New York
Quick question. My brother in law purchased a house and closed on Friday. On Saturday he found some mold damage, it's not major structural damage but it will need to be repaired and will probably cost a few hundred dollars. Can he ask his lawyer for access to the escrow funds to pay for this repair? I thought that was what the escrow fund was there for, as I used it to repair my roof when I closed 8 years ago.
1 Answer from Attorneys
If your brother-in-law closed on Friday and received immediate possession of the property, there is probably no escrow. I assume he did a walk-through before closing and perhaps an engineer's report was done. Did anyone notice this damage. Normally, the seller of the home makes no guarantees, etc. The only time your brother in law might have recourse is if the seller purposely hid the damage. He should double check with his attorney about escrow being held and see if they can come to an agreement with the seller. For a few hundred dollars, its a small claims matter at best.
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