Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#2257535 - 08/02/21 07:27 PM Septic holdback
brettsgirl04 Offline
New Poster
Joined: Feb 2005
Posts: 6
Good afternoon!
We are in the process of closing on a mortgage on a property that has had a septic system failure. We will execute a holdback agreement for the funds. We haven't encountered this situation and are looking to confirm whether the holdback funds can be held in a general ledger account or whether we need to open an interest-bearing account. We have looked for guidance in the Mass General Laws but haven't been able to find anything.
If anyone can help with a citation or regulatory reference, it would be greatly appreciated.
Thank you!

Return to Top
#2257541 - 08/02/21 08:13 PM Re: Septic holdback brettsgirl04
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,337
Galveston, TX
I can find nothing specific. It would be just a standard holdback/escrow agreement. Talk to you legal counsel or title company.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2257575 - 08/03/21 04:26 PM Re: Septic holdback brettsgirl04
brettsgirl04 Offline
New Poster
Joined: Feb 2005
Posts: 6
Thank you! That does help. We will look to counsel. Thanks again!

Return to Top

Moderator:  John Burnett