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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Experience:  Experienced real estate lawyer and real estate broker.
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I have a RESPA question regarding a real estate transaction

Customer Question

I have a RESPA question regarding a real estate transaction that I am in the middle of. I would like to find out if the buyers lawyer can hold funds for the sale of my house?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 8 months ago.

Under RESPA it is permissible, and the lawyer is bound by ethical obligations. However, it is always better to have an impartial third party escrow agent holding the funds, so my recommendation would be to have the title company serve as escrow agent in this transaction, since they are neutral.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

Under RESPA it is permissible, and the lawyer is bound by ethical obligations. However, it is always better to have an impartial third party escrow agent holding the funds, so my recommendation would be to have the title company serve as escrow agent in this transaction, since they are neutral.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

The way this site works here is that now you should accept the answer and rate 4 or 5 . Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

The way this site works is now you need to accept the answer and rate it 4 or 5.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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