Legal Question in Real Estate Law in New York
Reimb. of escrow needed
We closed on a sale of property about three years ago. since we did not have proof that real estate taxes were paid up and that beneficiaries had no outstanding traffic tickets. The buyer's title ins. co. held $14,000.00 in escrow. We presented proof about a month later and as of today despite our requests for reimb ursement we are still out the monies. DO we go to court
3 Answers from Attorneys
Re: Reimb. of escrow needed
In order to get any result you likely would need to initate a legal action for the reimbursement of those funds. We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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Re: Reimb. of escrow needed
If you can demonstrate that the reasons why money held in escrow was satisfied, and you can demonstrate that despite demand the money was withheld, you would have a cause of action against against the title insurance company.
Please note, statute of limitations period for breach of contract is 6 years. However, statute of limitations period for an action in conversion (civil tort of withholding property) is 3 years. So, you may want to proceed quickly.
Mike.
Re: Reimb. of escrow needed
$14,000 is a lot of money to be held by someone else for three years. You should be entitled to the money back plus interest.
You must act now and start an action before the statute of limitations expires or the title insurance company goes bankrupt.
If you would like to discuss the matter further please feel free to call.
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