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Old 09-21-2009, 06:00 PM
 
Location: New Jersey
25 posts, read 66,435 times
Reputation: 15

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So I'm finally out of attorney review and one of the provisions was that the sellers attorney will hold onto the deposit monies. This just happened this morning so I didnt get a chance to discuss the details of the transaction yet but will I be giving my deposit money for my mortgage and good faith payment of $1000 to my agent to give to the sellers attorney? I guess my agents broker will be responsible for obtaining the sellers attorneys account number and depositing the money? How does that work?
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Old 09-21-2009, 07:13 PM
 
1,235 posts, read 3,940,554 times
Reputation: 277
Yes, your agent will transfer the money from the broker's escrow account to the lawyer.

Just keep track of all the funds you have paid, and the expenses, and ask your attorney for a copy of the "HUD statement" before the closing (details all the transactions of the closing) and to make sure it all adds up properly.
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Old 09-21-2009, 08:54 PM
 
Location: New Jersey
25 posts, read 66,435 times
Reputation: 15
Quote:
Originally Posted by luckyshoes View Post
Yes, your agent will transfer the money from the broker's escrow account to the lawyer.

Just keep track of all the funds you have paid, and the expenses, and ask your attorney for a copy of the "HUD statement" before the closing (details all the transactions of the closing) and to make sure it all adds up properly.
Thanks Lucky!

Yes ive heard my agent mention that while we were going over the initial contract and how and where money was going to go (surveys, inspections etc.) however does my attorney keep track of this and make entries or will my agent be responsible for this? Also, if i give say $4000 to my agent to give to his broker to give to the sellers attorney to hold, how is my attorney informed of these transactions?

Thanks again!
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Old 09-22-2009, 06:08 AM
 
1,235 posts, read 3,940,554 times
Reputation: 277
Quote:
Originally Posted by aggie354 View Post
Thanks Lucky!

Yes ive heard my agent mention that while we were going over the initial contract and how and where money was going to go (surveys, inspections etc.) however does my attorney keep track of this and make entries or will my agent be responsible for this? Also, if i give say $4000 to my agent to give to his broker to give to the sellers attorney to hold, how is my attorney informed of these transactions?

Thanks again!
The agent(s) are responsible to forward all money to the attorney prior to closing. This may not be done until very close to the end, when the deal is practically done however.

Your attorney will keep track of all the closing costs and do all of the calculations.

Just make sure you keep track of what you've paid and that those payments end up on the final statements on closing day.
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