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Old 05-09-2013, 03:18 PM
 
87 posts, read 172,678 times
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We bought a house (cash buy). It's a new construction and it's closing at the end of this month (May). When is the absolute latest we have to make the deposit into the escrow account? The builder keeps calling us and tells us to send the money ASAP but we don't want to give the escrow company an interest free loan. Plus the construction is still going on and not over yet. We haven't done the walkthrough. Any thoughts? Thanks!
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Old 05-09-2013, 04:23 PM
 
Location: Scottsdale, AZ
1,983 posts, read 3,749,873 times
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What does your contract say? Very often contracts require deposits to be placed several days in advance. This is usually a protection when financing since lender will not fund until all deposits are made. Since yours is a cash only, your terms may be different or they just wrote the contract that same as if you were financing.

Either way, whatever your contract requires you to do you must do or risk being in breach.
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Old 05-09-2013, 05:03 PM
 
Location: Lakewood Ranch, FL
5,096 posts, read 7,553,639 times
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If it is an escrow deposit, I agree that the contract should spell this out. If it is the balance of funds needed to close, you should be able to wire the funds to the closer so it arrives the day before the closing. Of course, you won't know that exact amount until you receive a closing statement.
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