Brooklyn, NY asked in Real Estate Law and Small Claims for New York

Q: we have sold our apartment and we have $10,000 in escrow account.

Buyers are not releasing our money, stating that we have to fix windows, we have to provide 4 new Air conditioners and we have to provide 2 custom closets that was never there. Our lawyer is holding the money and says that he is not going to finish this case, since he finish with his part at closing and he needs to pay extra if he needs to proof that they are wrong. Buyer calling me everyday and changing her mind about releasing the money. 48 hours passed and we didn't receive anything from their lawyer. I really don't know, whom should we speak for the clearance. we also have a contract that says nothing about custom closets or building windows.

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2 Lawyer Answers
Michael David Siegel
Michael David Siegel
  • New York, NY
  • Licensed in New York

A: If there is not consent to release the money, you are going to have to bring a lawsuit. If the deposit is $10,000, it can be small claims. Name the lawyer holding the money, and the buyers. You do not need a lawyer.

Steven Warren Smollens agrees with this answer

A: Your (the seller's) attorney is really the best person to contact about this, since he or she is, for purposes of the down payment, the escrowee. If you already closed the sale, it is not clear why your sale proceeds check was not issued at the closing; the closing constitutes the transfer of title and the closing of escrow so checks are typically distributed then. Did the closing occur? did the buyer's attorney or title agent receive a deed? did other checks get distributed? Was there perhaps an escrow agreement signed at the closing for something that may have come up? Closings sometime happen fast with a lot of paperwork being passed around, so these are important questions on which the attorneys and the title closer likely have all of the facts.

Steven Warren Smollens agrees with this answer

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