Profile picture for fitgirl1234

Escrow Money for Repairs

We purchased our first home in October of last year and negotiated that the builder would grade and see the lawn. Closing drug out, and it got too cold to plant, so we put 1.5 times the cost of the lawn in escrow until the builder could do the work in the spring. The agreed upon deadline was June 30.

Fast forward, and the builder is unresponsive to our requests to get the lawn put in. The title company gave us the go ahead to put it in ourselves. If we do this, are we entitled to the full amount in escrow (1.5 times the actual cost) or just for the amount of the lawn? If not, what happens to the rest of the money? 

Thanks in advance for your assistance.
  • June 21 2012 - US
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Answers (2)

Profile picture for Ofe Polack
When money is put in escrow, one has to be very specific on what will happen and when.  See the language that your buyer agent put in the escrow.  I am sure that the title company can also help with it.  Both buyer and seller have to release the escrow, so you cannot use the escrow deposit unless the seller signs the release.
  • June 21 2012
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Profile picture for Cindy Quinton
My understanding (lenders correct me if I am wrong) is that you will be entitled to the actual cost of doing the lawn (if you do it yourself, you won't be paid for your time). Then any additional funds will be applied to the loan.
  • June 21 2012
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