A property I own with my former partner in PA has been sold and is moving toward closing. We have a signed agreement to divide the proceeds 60/40 in my favor, with an additional repayment of a gift toward the downpayment given my parents. My former partner indicated that she intends to breech the contract, so I will want to hold the proceeds in escrow until the dispute is resolved. How do I set up an escrow account in PA?
The title company handling the closing, or the realtor as the case may be, should be able to hold funds in escrow. Alternatively, you could have an attorney hold funds in escrow with an escrow agreement defining the conditions for releasing funds
It may be too late. If the purchase Agmt and the escrow docs have been fully signed, the escrow agent may refuse to accept any changes unless she counter-signs, which she won’t. You can try talking to them. If that doesn’t work, you should retain a PA lawyer ASAP to file suit to enjoin distribution in any manner other than per your Agmt with her.
DISCLAIMERâ€”This answer is for informational purposes only under the AVVO system, its terms and conditions. It is not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship. I am admitted only in California. (Bryant) Keith Martin sbbizlaw.com
The easiest way to open escrow in PA is to go to your bank and have them help you. If your bank has a branch in PA they will be able to get this done for you. You will need to meet with the relationship manager or business account manager. If your bank is unhelpful. Contact a local escrow company and ask if they have an office in PA or a relationship with any PA firms. Good luck and hope your dispute is resolved quickly.
This information is general and will change according to your facts. While this information may apply to your situation, without more facts I can not encourage you to rely on this information. I am not your attorney. No attorney client relationship exists. You should hire an attorney for your specific business matters.