Ishem13, Home Buyer in Washington Heights,...

Is it normal for the Escrowee to be the to be the seller's attorney?

Asked by Ishem13, Washington Heights, New York, NY Tue May 19, 2009

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5
Totally agree it's legal and standard procedure in NYC. If you need an attorney feel free to contact Keith Schutzman at keith@schutzmanlaw.net or 917-842-2889. Please note I do not get compensated for referrals. Best of luck if I may be of service, feel free to contact me for all your real estate needs.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty, NY, NY
tlara@crrnyc.com
1 vote Thank Flag Link Fri Feb 4, 2011
Yes only seen it done the other way once in almost 2000 deals. Lawyers have strict rules about this, they can be disbarred if they fail to follow them
0 votes Thank Flag Link Wed May 20, 2009
This happens all the time....because buyers and sellers are comfortable with attorneys they have had long standing business relationships with.
0 votes Thank Flag Link Wed May 20, 2009
In NY, the seller's attorney holds the money in escrow. The attorney is not allowed to release the money to the seller until closing. If something should happen and you do not close, the attorney would have to return the money to your attorney, if it is something like not qualifying for your mortgage. If you just changed your mind, the seller would be able to keep the deposit. The seller's attorney still has to hold the money in escrow until everything is settled betweed your attorney and the seller's attorney.
Web Reference: http://www.cyndimckenna.com
0 votes Thank Flag Link Tue May 19, 2009
Yes it is. Its completely normal
0 votes Thank Flag Link Tue May 19, 2009
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