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Can a seller provide an escrow account for a buyer to pay…

Can a seller provide...

Can a seller provide an escrow account for a buyer to pay for repairs after closing?

Lawyer's Assistant: Where is the property located?

Oak Ridge, Tennessee

Lawyer's Assistant: Has any paperwork been filed?

We are in the negotiating stage of repairs

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I don't know what they would need to know? It is a residential property, closing in January.

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Answered in 2 minutes by:
12/7/2017
legalgems
legalgems, Arbitrator
Category: Real Estate Law
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Yes that is possible and not uncommon.

Instead of giving the buyer a credit for repairs they will often deposit the money in an escrow account (realtor, title company, attorney) to assure the lender that there will be adequate funds to complete the repairs. Typically the money is disbursed directly to the professional doing the repairs.

Any credit is then typically returned to the seller.

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legalgems
legalgems, Arbitrator
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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