Q: Settlement and possession laws?
We closed on our house at 6pm Friday so the documents won’t be recorded until Monday. We’re also still working on finalizing an escrow holdback agreement for repairs seller needs to pay for post closing. It’s now Saturday and the sellers are asking for keys and access back to the property. We were under the impression that we took possession as of closing regardless of whether the docs were recorded yet or not?
A: You are the owner as of closing without regard to recordation, at least as to the seller, but what form of fantasy would lead you to close with an unfinished escrow agreement for repairs that aren't competed!? How are they to do the repairs? How are you to take occupancy? Who is responsible of there is a dispute about whether the repairs are complete or whether you exacerbated the problems during your move-in? What happens if the seller uses substandard parts? What if the parts break? What happens if it takes him 30 years to do the repairs? What happens if he claims you caused the delays or the damages? I'm sure all of that is covered in your unfinished and unsigned escrow holdback agreement, but what if he doesn't sign that or the two of you never have a meeting of the minds on it?
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