How can a use and occupancy escrow be held?

Asked by Christopher Lewis, Roselle, NJ Mon Nov 24, 2008

How can a use and occupancy escrow be held if no damage was done during this period and the property has no liens?

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3
Laura Gianno…, Agent, Manahawkin, NJ
Mon Nov 24, 2008
Use and occupancy escrow is usually held in an attorney trust account, following execution of a use and occupancy agreemen/tcontract. That agreement/contract should explain how and when the escrow is released.

Laura Giannotta
Keller Williams Atlantic Shore
609-384-6121
0 votes
John Sacktig, Agent, New Jersey, NJ
Mon Nov 24, 2008
Christopher,

The details of the situation are sketchy.. please define.

It does sound to me as though you sold your property, stayed in the property after closing for a duration of time .. money was placed in escrow while you were there... then it seems as if the escrow was not returned to you.. yes?

What were the costs of the U&O ? Was there a daily rate that was to be deducted from the escrow? This is how it usually works. If not, then a few more details of the situation would help!

John Sacktig
Broker / Manager
Orange Key Realty
Office: 732-863-6969
Cell: 732-213-1409

Email: JSacktig@orangekeyrealty.com
0 votes
Kenneth Verb…, Agent, PRINCETON, NJ
Mon Nov 24, 2008
Can you clearify pls? use and occupancy would indicate keeping possession after closing or taking early possession. which is the case? perhaps money was escrowed for taxes paid during this (was there any cost for the u&o period?)
Ken
0 votes
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