Paying expenses with proceeds...

I just got a bill from my attorney for his work on the sale of my old property. Can the intermediary pay that from the proceeds they are holding?

Yes -- the intermediary can disburse proceeds they hold to pay bills on the old property that arise subsequent to closing of the sale. Your attorney's bill is one example. Another example might be repair costs that are agreed to at closing, although the amount of the costs are unknown at that time.

--The Experts

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