Asked by Jennifer, Scituate, MA • Sun Jun 22, 2008
own new home that I have signed a P & S on, and am due to close on this new home in 3 weeks! My issue is closing...there is a passing Title V on file from 2005, and since they are good for 3 years (for a condo) the condo association, (comprised of unit owners) are now due for a new Title V inspection, which may fail, because an engineer has quoted us for repair for parts of the system, such as a pumps, and possible upgrades to the leaching field, asour town has said "no" to tie into town sewer, as they believe the septic can be fixed on site. Anyway, if that Title V fails, the whole holdback issue comes in, or even if it does not fail, repairs need to be done to upgrade the system. I was told that usually1 1/2 times the amount of the entire project is heldback in escrow, in order to still close, but again, that is for a single family home, and I am selling a condo - 1 of 12 units, so I am hoping that just my portion is heldback, as I can't afford it otherwise. Negotiable w/ a bank?
Real Estate in Scituate
Popular Categories in 02066
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!