home inspector found a leak. do we ask for money in escrow? (credit)

[1stimer]

We are looking to purchase our first home on LI (Suffolk Co). We have not gone to contract, but did have a home inspection. Our engineer found a roof leak with a thermal imaging camera. There are no signs of any water damage and it's been raining the majority of the summer. (this is the home owners defense and to be fair, we did not see any water damage)

As we go to contract, the sellers do not want anything to do with the "leak", but have agreed to have the attorneys resolve it by requesting money be left in escrow for a period of time in case a leak does appear. (Is this our money or the sellers money?)

Our lawyer is trying to dissuade us from the escrow because the sellers lawyer will charge us a fee for the escrow.

Does anyone have any advice?

[WJFM]

I don't understand why the seller's attorney is charging a fee to the buyer for holding money in escrow??

Get more information on what type of roof leak it is and how much it will cost to find and fix.

[DawnSells]

The sell is leaving their money in escrow which will you will give to them at the closing to puchase the home.

My advice to you would be to ask if you can have a roofing company come in and see the damage and give an estimate to see how much it would cost to repair, if nescessary. Maybe it will only need some extra tar paper up there.

[TomMoser]

I have been on hundreds of home inspections and have never seen a thermal imaging camera used. Since you say there is no evidence of a leak, I am surprised that the seller or seller's attorney is easily accepting the inspectors finding.

[workingclasshero]

I agree with Tom.

a thermal image would show the VENTS too.

just because there is an air gap (which is required for breathing) doesnt mean there is a water leak.

I'd watch out that you are being scammed

[1stimer]

Thank you all. We saw the inspector use the thermal imaging camera, spotted the leak and then he used a moisture meter (a two-pronged instrument he stuck in the ceiling) and all of lights on the meter lit up. We just don't want to be caught if there is a leak down the road (perhaps the water is piling up and we just can't see it....yet!)

[stevej64]

TomMoser
Seller gives buyer $500 and this absolves seller of anything that needs to be fixed?

[TomMoser]

Originally Posted by stevej64

TomMoser
Seller gives buyer $500 and this absolves seller of anything that needs to be fixed?

It's one possibility.

[stevej64]

Tom Moser
You are a REA and you are not aware of this law?

[TomMoser]

I did not realize what you were talking about. I thought that you were suggesting that the seller offer $500 to the buyer in order to resolve the matter.

You are apparently referring to the NYS Property Disclosure Law, also know as Real Property Law 462(2).

In essence, this law requires the seller to provide the buyer with a "Property Condition Disclosure Statement" prior to the signing by the buyer of a contract of sale. If the seller fails to provide this document the buyer is entitled to a credit of $500 against the purchase price.

A common misconception is that giving the $500 credit will absolve the seller of the legal requirement to disclose "material defects" of which they are aware.

I think it would not apply at all in the case we are discussing.