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Questions Answered by Aida Izgelova
1 Answer | Asked in Real Estate Law for New Jersey on
Q: My moms house has a reverse mortgage on it, how do I buy the house?
Aida Izgelova
Aida Izgelova
answered on May 15, 2022

Your mom should request a payoff statement from the reverse mortgage company, which will specify her mortgage balance owed to the reverse mortgage company. You will need to pay that amount plus any other liens on the property to purchase the home.

1 Answer | Asked in Contracts and Real Estate Law for New Jersey on
Q: The buyer’s attorney has not released the escrow of $10,000.00 paid by Seller. The closing was Dec. 15, 2021. T

The mandatory water test passed, yet buyer’s attorney demands that seller, me, pay for installation of water treatment system. I advised the attorney that the installation of the system is buyer’s responsibility, yet attorney has still not released the escrow funds back to SELLER. What do I... Read more »

Aida Izgelova
Aida Izgelova
answered on May 15, 2022

Your contract to purchase the property should include language regarding the means for resolving escrow account disputes. Also, if the attorney provided an escrow agreement when you deposited the money, that agreement should also specify the means for resolving disputes.

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