Home Selling in Kinston>Question Details

Delores Hatem, Home Owner in North Carolina

im in n.c. im selling a property for 35thou, owner financing, with 10 thou down and 500 a month, why does his attny want downpaym to go in escrow

Asked by Delores Hatem, North Carolina Tue Sep 6, 2011

his attorney wants to keep downpayment in escrow for a yr the title has been searched by attorney, its clear, im not charging interest . attny said laws had changed in n.c. why keep downpayment ?

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Are you doing seller financing or payment for deed? If you are not actually transferring title completely, this may be why. It sounds like you need to speak to your own attorney. Sometimes attorneys have to talk to attorneys?
0 votes Thank Flag Link Wed Sep 7, 2011
I'm not an attorney, but this doesn't make any sense to me. Earnest money is held in escrow, but once the property closes and the buyer takes title, the down payment along with the entire purchase price goes to the seller (less the seller's closing costs). You should definitely seek attorney advice before going to closing on any property transaction, but especially one where you are financing the property.
Web Reference: http://www.lynnhayes.com
0 votes Thank Flag Link Tue Sep 6, 2011
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