Seller has offered to fund repair escrow after closing. They have paperwork entitled "Escrow Agreement for Postponed Improvements" to guarantee they will return money after closing that I can have for reserves in my operating account. Do I have to use this money they "give back" to me in a certain time period?
Also, do I have to use this money for improvements (maintenance/capex only)?
Any input/advice would be appreciated.
Thank-you in advance!
They will have to be improvements, or what ever is described in the Agreement. @Tyler Speelman . It will be the duty of the escrow officer to release funds to you when you show that the improvements have been completed, or what ever is described in the Agreement. In our case, it was a roof. The Agreement will lay out the terms which you both agree on.
You have a seller that wants to negotiate, keep going.