New York  |  Real Estate Law

Legal Question

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

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?

1 Answer

Answered on: 10/02/13, 10:44 am by Walter LeVine

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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Walter D. LeVine, Esq. 23 Vreeland Road #102 Florham Park, NJ 07932

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