Legal Question in Real Estate Law in New York
wired money to lawyer's trust - is my money protected?
I wired my real estate atty's bank money to hold in escrow for closing on a home. But now I wonder if my money is protected - should I have had something in writing from lawyer first? We have communicated by email and phone, and have a contract of sale with the sale price that is what I based the money transfer on.
2 Answers from Attorneys
Re: wired money to lawyer's trust - is my money protected?
You should have a statement from your bank indicating the attorney's name and escrow account number where the money was wired.
Should the attorey steal the escrow, you can file application with the New York Lawyers' Fund for Client Protection.
Mike.
Re: wired money to lawyer's trust - is my money protected?
As Michael said you can always get a copy of the wire transfer from your bank. In addition you can ask the attorney to provide a letter to your mortgage bank confirming that the money is being held in his attorney trust account.
I am assuming you retained this attorney.
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