Legal Question in Real Estate Law in Michigan

Eskrow

My apartment building is in Eskrow because they are between managements. What exactly does this mean for me and my family? Should I relocate right away while there are several deals on apartments or wait it out? If bought could my rent rate raise? If monies are put into Eskrow for rent, can I collect my money if it's not resolved?

Asked on 5/17/07, 9:24 am

3 Answers from Attorneys

Christopher Sevick Law Office of Christopher Sevick, PLC
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Re: Eskrow

There are several buildings in our area now that are in trasnition due to sales or pending sales.

If you have a lease with your community your rent can not be adjusted until the end of that lease, when it may adjust as well for renewal. Leaving now if you are under a lease may result in actions against you for early termination of your lease.

The money is likely being placed with a holding company now so that if purchased the new owners will have access to it for expenses they may have incurred for operating the building. If the payments you are making into an escrow account are your rental rate, they will likely not be refundable since the building owner will be due those for expenses incurred and you will have gained a benefit from it-a place to live.

www.SevickLaw.com

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5/17/07, 10:02 am
Regina Mullen Legal Data Services, PLC
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Re: Eskrow

No one can really answer that for you, it's not a legal question.

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5/19/07, 11:31 pm
Audra Arndt Audra A. Arndt & Associates, PLLC
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Re: Eskrow

Escrow does not affect you - just keep making your payments and the management companies will sort it out.

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5/19/07, 11:11 am

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