in escrow question (RE agent, contract, closing, sellers)

[FREE866]

hi there

my mom sold her house last month , but when they did a well inspection 2 days before closing it was uncovered there was some lead in the water. At closing our attorney held back $2500 in escrow assuming the bill would be ~$2000 and the buyer agreed to the $2500 in escow as a buffer...

today i got a note from our re agent that the bill for the well is $5000

does my mom now owe the extra $2500? or are we only liable up to $2500 of the total bill because that is what was held in escrow

thank you

[Spottednikes]

Depends on the sales contract and what was agreed to.

[adjusterjack]

And the attorney should be the one answering the question. That's what your Mom paid him for.

[BoBromhal]

yes, the attorney, not the internet.

[GrandRapidsNative]

Originally Posted by BoBromhal

yes, the attorney, not the internet.

Yes. Read your contract and chat with your Attorney. Additionally, when I hold back escrow for repairs to be completed after close it is based on an actual repair bill produced by a contractor who bid the work. See if that exists as well or if the number of $2500 was just randomly agreed upon. Ask your attorney

[FREE866]

thx guys...will call him Tuesday

[forzalugano]

Yes what does the contract say? It sounds like the seller was going to pay and you held back $2500, if that is not enough and it is the sellers responsibility I would ask them to deposit back more funds. Unless the buyer agreed to pay for repairs over that amount?