Buyer didn't close - one more question

**Neeraj** · 09-30-2007, 02:56 PM

Thanks to everyone for replying.

The deposit which is in my real estate agent's brokerage in trust, under what conditions is it given to me. Would the full amount be reimbursed to me (towards damages) or partial? Is there any litigation involved in releasing this money?

Thanks.

**REbuyersgroup** · 09-30-2007, 04:26 PM

This is where you consult a Real Estate Attorney. There may me several conditions of your contract that have to be met before you can lay claim to the deposit.

The escrow agent will not just hand you a check. They have tons of liability.

I had buyers and had a dispute against the seller at the closing table. We made the seller hold back $2000 at closing until we could come to an arrangement. After closing the seller requested the money returned, but since it was in dispute, he should not have received it until the dispute was resolved. Well about 1 month after closing, the seller somehow convinced the escrow attorney to release the money to him. When we found out, we were nice and informed the attorney of their error, and offered this advise. Pay us the $2000 or we file all kinds of complaints with FREC (Florida Real Estate Commission), Bar Association for failure to account for funds, etc. Funny, we received a chek in 24 hours.

How does this effect you? The escorw agent needs to be VERY careful, or they will be liable for the funds.

Rarely do homeowners get the buyers deposits for failure to perform. Builders keep the deposits all the time. Guess it depends on your attorney.

**TJ2007** · 10-01-2007, 08:03 AM

Do unto others as you would have them do to you....

There are often many problems that arise for buyers at the last minute that are out of their control - mostly from the lender, underwriters are notorious for pulling last minute stunts.

You would definitley be right to ask for additional deposit or deposit to be released to you in exchange for an extension depending on how long & why.

Bottom line is wont it take longer for you to close with a new buyer than to wait a week for this one? and who guarantees the next one wont have problems?

I have seen families tied up in escrow disputes for years and spend way more on attorneys fees than they could ever have one.