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Jon Ernest
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About:
Currently the Broker and owner of Spotlight Realty, I have spent my entire career in the real estate industry. After a year of selling mortgages, I found
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Jon Ernest answered:
Usually the holdback is whatever amount that accomplishes the goal of making sure the seller acts dutifully after the closing, and that the buyer is comfortable knowing that they keep the holdback if the seller fails to perform... so it sounds like you have a busted heating system for the building or something.
If it's not an individual unit thing but a shared one, in my opinion, it's a little rediculous that they're trying to hold you accountable for something the whole building is liable for. If I were in the position, I would simply say I understood their request to have the holdback be slightly higher than the unit owners cost, and that I was OK with that, but I'm not OK with having my money being held back based on others decisions (rest of the building) that is out of my control (once you sell you're no longer even PART of the association).
If it's not an individual unit thing but a shared one, in my opinion, it's a little rediculous that they're trying to hold you accountable for something the whole building is liable for. If I were in the position, I would simply say I understood their request to have the holdback be slightly higher than the unit owners cost, and that I was OK with that, but I'm not OK with having my money being held back based on others decisions (rest of the building) that is out of my control (once you sell you're no longer even PART of the association).
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