In a neighborhood with no documentation of water and sewer lines, where the only hold back agreement will be your word, how do you know if the people who came before you did their plumbing right? In today’s episode, we will learn the importance of legal documentation as we discuss the pros and cons behind Escrow Holdback Agreements.
Our guest for today is Jonathan Gilmore. Jonathan is a real estate transactional attorney with over 12 years of experience, who is highly skilled in managing transactions involving land and buildings of every type and nature. Jonathan currently specializes in helping clients buy, sell, lease, finance, and raise capital for real estate deals in homebuilding, multi-family, manufactured housing and commercial real estate sectors.
Escrow Holdback Agreements are an important tool to protect buyers and sellers alike. However, they may sometimes confuse clients or delay the entire real estate closing process due to complicated legal clauses. This is why Jonathan emphasizes that if you are considering buying a property, you should know that there are certain legalities to consider.
Highlights of the episode:
00:00:38 Guest Intro : Jonathan Gilmore
00:01:10 What Is an Escrow Holdback Agreement?
00:05:30 Less Sophisticated Sellers
00:07:31 Closing Deliverable
00:10:00 Title Companies
00:12:35 Small Firm vs. Big Firm
00:18:00 What Happens if There’s a Fight?
00:20:00 Discussion of Rights
00:24:59 Risks of Market and Supply Chain Change
00:29:00 Fire and Other Risks
Connecting with the Guest:
Connecting with MHP Law: