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Payment out of escrow

Discussion in 'Buying & Selling a Home or Residence' started by Mi Baruka, Oct 30, 2020.

  1. Mi Baruka

    Mi Baruka Law Topic Starter New Member

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    Jurisdiction:
    California
    I rent a home on a family members property. They plan to sell. They've promised me 'x' amount of money (a large sum) AFTER I've vacated. I want to 'guarantee' I will receive it by being paid directly from escrow. This 'guarantee' will allow me to negotiate with people I'd like to buy my new home from and vacate the premises before close of escrow. Rather than saying 'I hope' to get 'x' amount of money sometime after the escrow closes, vacate the property and be left homeless while I hope they keep their promise.

    Can I be paid directly from escrow, if yes, how? If not, is there another way? Thank you for any response. Time is of the essence.
     
  2. army judge

    army judge Super Moderator

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    Anything is possible.

    If you and the property owner agree by contract, your chances of success are increased somewhat.

    That said, people breach contracts everyday of the week all over the planet.



    If you want $500 to leave the premises today, for example, ask for the $200 now, and the remaining $300 the moment you and your junk have been removed from the property.

    You need to understand, the owner is under no obligation to GIVE you one penny, whether you stay or go.

    The problem for you is that you have nothing, nor can you do anything that would disallow the owner from selling the property.

    You also need to understand, the owner might distrust you as much as you distrust her/him/them.
     
  3. Mi Baruka

    Mi Baruka Law Topic Starter New Member

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    He's all for it if I can tell him how it can be done. It's several thousand dollars. He wants to invest in a dream of ours.
     
  4. Zigner

    Zigner Well-Known Member

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    As I said on another board, the escrow company will know exactly how to handle this.
     
  5. adjusterjack

    adjusterjack Super Moderator

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    Here's what I said on the other site:

    Yes, you can be paid out of escrow. Provided that the seller gives the escrow company written instructions to cut you a check out of the proceeds before disbursing the balance to the seller.

    It's between you and the seller to agree to that. That agreement should be in writing and submitted to the escrow company with the written instructions.
     
  6. zddoodah

    zddoodah Well-Known Member

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    Of course.

    By the buyer and seller agreeing that you will receive $X in their instructions to the escrow company.

    Another way to do what?
     
  7. adjusterjack

    adjusterjack Super Moderator

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    DUH. Get the money.

    smh
     
  8. army judge

    army judge Super Moderator

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    I've heard some people wear a mask and gloves, carrying a gun and shout the phrase, "Stick 'em up. Your money or your life!" while brandishing
    a gun.

    I'm told it often works, although some armed robbers claim they get arrested, tried, then serve lengthy prison sentences with others calling themselves "Slasher", "Killa", "Thugnificent", "Hot Hands", "Bull", "Crazy Carl", etc...
     

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