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If the transaction requires repairs, who will handle the repair escrow account and oversight?

April 26, 2017account escrow Repair repairs requires transaction

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If the transaction requires repairs, who will handle the repair escrow account and oversight?

1 Answer

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If the funds for the repairs are coming from the loan proceeds, the lender or title company will handle the escrow and provide oversight to the project work. If the funds for repairs are from a non-profit or municipality using NSP, HOME or ADDI funds, the non-profit or municipality will provide the oversight and handle the escrow funds.