Q: Why do you have to wait six months before you can disperse money from an escrow account.
I was recently named executor of my mothers estate (in NC) and will be selling the family home this month. I was told that the money will have to stay in escrow for six months. My question is why 6 Months???
A: Since you filed for Probate, you will have go through with the process. Someone might have a claim against the Estate which could render it insolvent and require the sale proceeds to satisfy the claim. There is probably a title insurance requirement involved with the purchaser's loan. If claims are made, it will probably take alot longer to see any assets to distribute. You obviously do not have a cash sale from the Heirs-At-Law.
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