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Updated over 4 years ago on .
Will escrow bond and record a subdivision map?
Pursuing a brownfield subdivision, that seller is willing to maintain the contaminated portion of the parcel through a subdivision. Seller wants me to handle the subdivision. Local municipality is on board, but wants a bond put up for the improvements before recording the subdivision map.
I’m on board to pay for consultants/engineers to get the subdivision to hearing, but don’t want to be on the hook for an expensive bond if the seller could sabotage escrow after I up the property value (by creating a clean parcel).
Question is... if I get subdivision approved, can escrow handle releasing the bond to local municipality and recording the subdivision, getting apn for new parcel and transferring new parcel to me?
Not sure if this is standard practice for escrow, but seems like a fiduciary of some sort needs to be involved to protect all parties?
Thanks