Escrow accounts held in attorney 's account for real estate

johne

Silver
Jun 28, 2003
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I had some challenges this week regarding the subject. I think I have worked it out and will know more after this weekend. The issues are as follows:
1. Seller does not have an attorney. Makes getting legal points difficult to get across to her.
2. Seller does not have enough funds to close out her debt to bank or to move out and have money to rent a house to move.
3. Seller thinks she knows it all ( "I do dis tree times be for") and suggested various proposals that would put ALL the risk in my corner. My answer was I walked away for a few hours. Gave her and the real estate agent notice that I would withdraw the verbal offer in 24 hours. New proposal from agent in two hours.
4.I offered the idea of "an escrow" account and was surprised how much push back I got early in the negotiations. What I have worked out doesn't include an escrow account which seems to bother the other side.

To the members that have experience...are escrow accounts for selling and buying real estate in the DR so strange??
 

aarhus

Long live King Frederik X
Jun 10, 2008
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I had some challenges this week regarding the subject. I think I have worked it out and will know more after this weekend. The issues are as follows:
1. Seller does not have an attorney. Makes getting legal points difficult to get across to her.
2. Seller does not have enough funds to close out her debt to bank or to move out and have money to rent a house to move.
3. Seller thinks she knows it all ( "I do dis tree times be for") and suggested various proposals that would put ALL the risk in my corner. My answer was I walked away for a few hours. Gave her and the real estate agent notice that I would withdraw the verbal offer in 24 hours. New proposal from agent in two hours.
4.I offered the idea of "an escrow" account and was surprised how much push back I got early in the negotiations. What I have worked out doesn't include an escrow account which seems to bother the other side.

To the members that have experience...are escrow accounts for selling and buying real estate in the DR so strange??
Isn’t it Stewart Title who offers an escrow service? And Guzman Ariza ?
 

johne

Silver
Jun 28, 2003
7,091
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Isn’t it Stewart Title who offers an escrow service? And Guzman Ariza ?
Let me clarify: My question is not regarding a title search. That was done. Or what she owes the bank to have title released to me. That is done. My question is simply: During a due diligence period is it customary to hold deposit monies in an attorney's "escrow" account to be used at "closing" (here in the Dominican Republic )?
 

aarhus

Long live King Frederik X
Jun 10, 2008
4,412
1,987
113
Let me clarify: My question is not regarding a title search. That was done. Or what she owes the bank to have title released to me. That is done. My question is simply: During a due diligence period is it customary to hold deposit monies in an attorney's "escrow" account to be used at "closing" (here in the Dominican Republic )?
I don’t think it is very common. What I meant regarding the Stewart Title Dominicana is that they offer an escrow service. You could ask them maybe.
 

MariaRubia

Well-known member
Jun 25, 2019
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Gosh it sounds like a real mess. Are you absolutely sure you want to buy this?
 

johne

Silver
Jun 28, 2003
7,091
2,965
113
Gosh it sounds like a real mess. Are you absolutely sure you want to buy this?
Yes. I am getting closer to having a closing the end of this week coming. I was typing an update and then decided that might be bad luck so I will give full update on this deal when and if I close.
 
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MariaRubia

Well-known member
Jun 25, 2019
2,301
3,078
113
Yes. I am getting closer to having a closing the end of this week coming. I was typing an update and then decided that might be bad luck so I will give full update on this deal when and if I close.

May I be bold and ask why you are buying a property with so many complications? Practically everything is for sale in this country.
 
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