[WSBARP] Second Escrow?

[alanscottmiddleton]

Hey Craig, this might help.  Two things.  What are your approximate fees?  Do you have an example of escrow instructions you've used in the past?  Obviously I'd like to see some instructions for a transaction for the one at hand or close to, but I recognize this could be unique.  Thanks!


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-------- Original message --------From: Craig Gourley <craig at glgmail.com> Date: 7/27/18  3:02 PM  (GMT-08:00) To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com> Subject: Re: [WSBARP] Second Escrow? 


Hi Alan,  our firm has done a fair amount of unusual escrows.  If title will accept us holding the funds we can do that for you.  The escrow instructions are the challenge to draft because we need certainty on when to disburse and the amount. 
 We also will require a drop dead date at which time we can elect to interplead the funds.   We have good relationships with Chicago and First American so if one of those is your title company we can probably make something work.   Let us know if we can assist. 
 Thanks, Craig
 


From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Alan Middleton

Sent: Friday, July 27, 2018 10:28 AM

To: wsbarp at lists.wsbarppt.com

Subject: [WSBARP] Second Escrow?


 
HC is selling three construction projects in mid-construction.  Sub who caused massive delays (and damages) filed substantial lien.  There are enough proceeds to provide cash collateral for a bond to deal with the lien, but the title company
 refuses to close without a bond (i.e., refuses to send money to the surety before the bond is issued) and the surety won’t issue the bond without the money.  Chicken and egg problem.  Anyone dealt with something like this before?  I assume with buyer’s consent
 to take title subject to the lien we could set up a second escrow or trustee or something to receive money, send it to the surety, get and record the bond, but I have no idea who might act as such a second escrow or trustee.  All creative solutions very much
 welcomed.  Humorous but ineffectual solutions also welcomed. 
 
Alan S. Middleton
Law Offices of Alan S. Middleton PLLC
10605 SE 240th St. PMB 444
Kent, WA 98031
Tel (206) 533-0490
alanscottmiddleton at comcast.net
www.alanmiddletonlaw.com
 
 

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