The agreement must show the repairs will be completed within 90 days of Closing. 2. An escrow holdback agreement, however, occurs when money is set aside at the closing of a home to complete repairs.An escrow holdback acts like an insurance policy. It assures that the buyer is serious about the purchase and motivates the seller to finish all needed repairs. A repair escrow is an agreement between the Buyer and Seller to set aside money to complete required repairs after the transaction closes. The buyer gets the money in the account if the home seller doesn't complete repairs or overstays in the home. Escrow Agent shall disburse Escrow Funds at any time and from time to time, upon receipt of, and in accordance with, a Joint Written. Direction. Customer. The buyers wanted the mold remediation done before closing. This ensures that both the buyer and the seller are protected and that the transaction is completed smoothly. Many times service is cut short right after you get something under contract.
