After selling a residential property in NYC in October we learned that we did not record the final mortgage payment (private mortgage held by the previous owner). We were never informed to do so and did not know that it was required. She retired to Florida and passed away with no heirs. Her will makes no mention of owning this property. The title company is holding $70,000 is escrow. Under what conditions will a title company release our money? Is a court proceeding in Florida the only recourse?
1 Answer from Attorneys
The lawyer at the title company is the only person who can give you an answer as to exactly what they need to release the escrow money. It seems also that your lawyer who did the sale for you must have known about this issue and advised you what to do.