Updated almost 8 years ago on . Most recent reply
Pay Contractors Upfront Out of Escrow?
I am closing on a 2 unit in two weeks and was able to negotiate a new roof and other minor repairs to be made after close using funds from the seller out of sale proceeds. We have written estimates lined up from licensed/reputable contractors. These proceeds are held in escrow and the title company will issue checks to the contractors to make repairs. I don't want to pay the contractors 100% upfront before repairs are completed due to fear that repairs will take a long time and not be a priority since they have been paid upfront.
What are my options at this point? It sounds like the title company is not keen on paying half of costs up front and holding/releasing the other half upon completion of repairs. Am I able to have title company issue checks to my name for repair costs and then distribute funds myself accordingly?