Legal Question in Real Estate Law in Massachusetts
2 parties selling a condo
My husband and his sister own a condo that they are selling. They both have realtors they like, my husband was willing to flip a coin but my sister in law is very stubborn and insists on her realtor? She has only purchase a home once and never sold one. She is trying to tell us her realtor will cover the escrow in case anything go wrong after selling the condo for a year. I have never heard of such a thing. I understand escrow to be a third party would hold down payment till the title is past. What the heck is she talking about and how can we make her be fair on the decisions??? Please help
3 Answers from Attorneys
Re: 2 parties selling a condo
I have never heard of such a thing either. I would suggest asking her to produce something in writing from the broker that states what the broker will warranty and under what terms. If the broker does put it in writing then it might be better to go with that broker. If they refuse to put it in writing then I think that is the angle you address with your sister in law.
If you have any questions please call or email.
Nicole Reeves
: 2 parties selling a condo
The escrow money can be held by the realtor in a trust fund. The funds could also be held by an attorney pending the closing. If this is confusing to you, it should really be something between the husband and wife.
Re: 2 parties selling a condo
I have never heard of such a thing and in general the escrow is held by the seller's attorney or realtor. They can't disperse the escrow without both parties consent or a court order.
I think your sister-in-law is confused. She should get what the realtor is warranting in writing. Moreover, the P&S will dictate what happens to any escrow.
However, I would let this be between your husband and his sister and stay out of it beyond getting information.
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