Seller paid repair funds
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Seller paid repair funds
I am buying a home in 2 weeks that needs about 25k in repairs. The seller has agreed to pay 15k at closing. I have only received 1 quote from a contractor who my realtor is friends with. I would like to not have to use this contractor and instead use my own electricians, plumbers, etc. The current contract states that the seller will send the 15k directly to the the contractor. Is it possible to instead put the 15k into an escrow account that we could use to pay for the work after we move in and are able to get multiple quotes?
Asked on August 28, 2016 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
It is possible, but only if the seller agrees to modify the contract that way. You indicate that the "contract states that the seller will send the 15k directly to the contract"--if that's what's in the contract, that's legally what you must do unless everyone who is a party to the contract (i.e. you and the seller) agree to change, revise or amend it. That agreement to amend the contract is voluntary; you can't force the seller to agree to it, though you can certainly discuss the matter with him. If he does agree, you can definitely do it the way you suggest.
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