Home Buying in Wantagh>Question Details

Sellerbuyer, Both Buyer and Seller in New Jersey

Two weeks after I sell my house I will buy another house my attorney says this money stays in his escrow account is this right?

Asked by Sellerbuyer, New Jersey Tue Nov 22, 2011

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8
Why would he keep it? I never heard of such a thing. Start the questioning!
1 vote Thank Flag Link Tue Nov 22, 2011
You should not have to. Ask your attorney why he wants to leave it in the escrow account. Is it for convenience sake so that you do not have to bring certified checks to the next closing? Are you using all of the proceeds from the sale to finance the purchase? You need to ask your attorney more questions.
1 vote Thank Flag Link Tue Nov 22, 2011
Actually the best answer is to check with the lender on your next purchase, if they are using the same closing attorney there is nothing wrong with leaving it in his escrow account, although it is a little unusual. If your new lender is using a different closing attorney then the first one should either give you a check ASAP or wire it to the next closing. Your new lender needs to source the funds you bring to the next closing so ask your loan officer how to handle it. Good luck,
0 votes Thank Flag Link Wed Nov 23, 2011
No.... if it was same day or within a day or two that may make sense, but as long as you can bring the funds in a certified way you should be able to have it made payable to you. He may be trying to help but 2 weeks is too long in my opinion.
0 votes Thank Flag Link Wed Nov 23, 2011
You can have the checks made payable to you, deposit them in your account and issue certified checks for your next closing, usually that morning or the day before. Two weeks is a little bit long for $ to be sitting in an escrow account.
0 votes Thank Flag Link Wed Nov 23, 2011
Hmmmm.....
Why?
Most attorneys I know would rather NOT hold client funds.
Web Reference: http://www.bverealty.com
0 votes Thank Flag Link Tue Nov 22, 2011
Is this a 1031 exchange or is your attorney just making sure he gets to close your second deal?
0 votes Thank Flag Link Tue Nov 22, 2011
How the escrow account is handled is between you and your attorney; if unsatisfied with his/her counsel, shop around. Are you purchasing in cash...
0 votes Thank Flag Link Tue Nov 22, 2011
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