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The purchast transaction failed, and the seller has not to release the escrow deposit out of neglet

I made an offer and gave a $9,000 which is in an escrow account. The transaction failed 3 months ago. There are no litigations pending. The seller put the property back on the market and was sold. The seller is not signing the release, and has been out of the country since, his lawyers says he has no contact with him. What can I do? nobody is giving me a solution.
  • September 04 2013 - Miami
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Answers (4)

Your Agents Broker may want to contact the Listing Agents Broker... It is usually easier to work things out through communications before having to take a different approach. The title co may be able to contact the "other side of the transaction" and see what the problem is.

  • November 11 2013
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Good Afternoon,

This does seem to be quite a complicated situation for you. The strongest suggestion is to get a real estate attorney and provide him/her with a copy of your contract and the circumstances of what occurred. So long as your deposit was not given to the seller, it should be a simple matter to clear up if the escrow agent is still in possession of your deposit. Depending on who was given the escrow deposit, that will determine the course of action you can take. An attorney will be able to guide you through this process. Good luck with getting this resolved.

Lila Lopez, CRS, CDPE, e-Pro
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  • September 09 2013
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Who is the owner of the escrow account?  Not every escrow deposit gets a release signed although the escrow holder could be held accountable. 

This sounds fishy...unless you breeched the contract and should forfeit the escrow deposit...

Since this is a decent amount of your money in limbo, I suggest that you get advice from a good real estate attorney.

This is a perfect example why escrow money should be kept with the BUYERS ATTORNEY  (not the sellers) and why every home buyer needs to work with a savvy buyers agent. who will look out for your best interest.

Eve

  • September 04 2013
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Definitely get a real estate attorney.
  • September 04 2013
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