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Multifamily Document Reform Implementation Frequently Asked Questions

Escrow Agreement Noncritical Deferred Repairs

Currently there are no questions. If you have a question related to this document, please submit it to MultifamilyDocumentReview@hud.gov.

 

  1. 2/14/2012
    For a closing pursuant to Section 223(a)(7), should the Escrow Agreement for Non-critical, Deferred Repairs, Agreements section paragraph 2:  require an additional cash amount of not less than twenty or ten percent?  Page 91 of 389 in Chapter 5 of the MAP Guide and page 27 Section 1.19(G)(4) of the Closing Guide appear to conflict on this issue.

 

 

1.  2/14/2012
For a closing pursuant to Section 223(a)(7), should the Escrow Agreement for Non-critical, Deferred Repairs, Agreements section paragraph 2:  require an additional cash amount of not less than twenty or ten percent?  Page 91 of 389 in Chapter 5 of the MAP Guide and page 27 Section 1.19(G)(4) of the Closing Guide appear to conflict on this issue.

For 223(a)(7)'s, the Escrow Agreement for Non-critical, Deferred Repairs should require an additional 10%.  The Closing Guide is correct on this point, and the MAP Guide will be revised.

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