Legal Question in Real Estate Law in New York

As a seller of a home in NYC, I set aside funds in escrow to remove a violation from the property. There is a required penalty payment of about half the escrow amount needed to remove the violation. Should the payment come from the escrow or am I obligated to pay, and get a refund from the escrow?

Asked on 10/02/13, 9:31 am

1 Answer from Attorneys

Walter LeVine Walter D. LeVine, Esq.

Since the escrow was designed to cover the penalty, you should get consent from thre escrow holder to relase what amount is needed to satisfy it.

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Answered on 10/02/13, 10:44 am

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