Posted on: 18th May, 2013 09:31 am
Firs time buyers in North Carolina here.
We put our first offer on a house. We got a response from the seller agent saying he does not have an escrow account and asking if we have an escrow agent to hold the earnest money
Our agent suggested we use his real estate attorney as the escrow agent and also as our attorney for closing.
I would like to get some advice. Is this a good move? Any caveats to having the attorney as escrow agent? what should we watch out for?
We put our first offer on a house. We got a response from the seller agent saying he does not have an escrow account and asking if we have an escrow agent to hold the earnest money
Our agent suggested we use his real estate attorney as the escrow agent and also as our attorney for closing.
I would like to get some advice. Is this a good move? Any caveats to having the attorney as escrow agent? what should we watch out for?
Hi Guest,
Well, I personally feel that it will be a good move. A real estate attorney will be a safe option for holding the earnest money and also handle your closing.
Well, I personally feel that it will be a good move. A real estate attorney will be a safe option for holding the earnest money and also handle your closing.
Some areas do not use escrow, they would use attorneys for closing agents. Either way, what you are looking for is a 3rd party to reconcile the funds used in the transaction. You should be safe with the Atty.
I would agree with all the above comments that you are safe with the attorney.