Escrow better w/HOA or Buyer?
Have sold and purchased placing funds in escrow for required repairs.
Fast forward a few years and I find myself heading up a small HOA.
HOA requires seller to make repairs, and there is a question if the escrow is between Seller and Buyer, Seller and HOA?
Seller & HOA
+ HOA can inspect and ensure work is properly being done
? Does HOA have to arrange all the work, schedules etc to be done, or is this the seller responsibility once escrowed is agreed?
? What responsibilities belong to HOA for said repairs?
? Would contracts for required work be signed by HOA or sellers (maybe both)?
Seller & Buyer
• More traditional approach
+ Less involvement required from HOA
+ Buyer and Seller negotiate and maintain schedules.