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Post-closing escrow hold backs are a potential minefield for everyone involved and should be avoided whenever possible. Even the most finely crafted escrow agreement might not cover all the contingencies the parties anticipated, and the collective memory is short. So, where possible, use a credit at closing instead of an escrow to be disbursed later. If it is simply not feasible to go with a credit, then be prepared to supply as many
details about the who, what, where, when and why of the payout of the escrowed funds. This information will be drafted into the escrow agreement. Please keep in mind that there is typically a fee for this service, so this is another reason to settle an issue at closing with a credit, cash payment, etc., instead of an escrow.Don’t hesitate to call Cyndi or Jeff at 941-366-1300 with these issues — we’re here to help you.