Earnest money return
We had a contract to buy a house, and were ready willing and able to close; but the sellers could not close because they had an outstanding IRS lien on the house and couldn't get it removed. The closing date was amended several times, and after the last closing date passed, we terminated and requested our earnest money back. Several days have passed and the sellers have not signed the earnest money release form for the title company. How long should we wait before taking legal measures? Your email alert settings have been saved.
How to Protect Your Earnest Money Deposit
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Tue Sep 8, The escrow agent who receives the Release of Earnest Money form will release the money 15 days after receipt unless objections are filed with the escrow agent.
There are penalties described in the Termination section of the contract, but you can get your money long before having to consider them. Some agents will attempt to coerce a signature, even though it isn't needed, by threatening the treble penalty, but most contracts are written such that arbitration is required in the event of a disagreement.
Your best bet is to make your demand of the escrow agent in writing using the form and wait the 15 days as provided in paragraph 18C. If things are not working out the way you think they should, then consult an attorney to protect your rights.
Thu Sep 3, Hi Steve, That is your agent's responsibility to find out what is holding the earnest money.
Both broker's have to agree to your earnest money return. If your broker tells you the seller should return the earnest money,than i would suggest to get legal advise. More than likely the title company and your buyers agent should be working on it already.
You should get it back within 15 days after you sign the release of earnest money form. It is usually not an issue if the seller is the reason the house did not close.
I would recommend checking with both the title company and your buyers agent to see if this is being processed as you read. Keep in mind that BuyersHouseRealty specializes in buyers education, so much that we pay our buyers for their real estate education. Happy House Hunting, Gavin St.
Louis Realtor BuyersHouseRealty "Showing You the Real Estate Rebate". Brenda Mullen , Agent, Garden Ridge, TX. Hi Steve, Get your agent to talk to their agent and find out what the hold up is.
Read page 6 of the contract that you signed, specifically parts C and D and make a written demand. It gives a time limit of 15 days. You may need to talk to a good Real Estate Lawyer to ensure that everything is done correctly. Again, talk to your agent and lots of luck finding a home you can close on! Brenda Mullen Home Team of America brenda. Paragraph 18 of the TAR contract contains clear stipulations for the timing on the release of Earnest Money.
If the Seller fails to honor the timing, you do have th eoption of pursuing restitution up to three times damages. If I were you, I would write a letter stating that I want the money released within "x" number of days and let them know that if they do not comply, you will be contacting a lawyer. In fact, the discovery of a tax lien and their inability to close is something that I would discuss with a lawyer, if I were you.
HOWEVER - if they have no money to pay the lien, then they likely do not have money to pay you either I am sorry you are in this mess. I do hope it all works out. Let me know if I can assist in any way - I do have attorneys that I trust that I can refer to you God bless you and yours Scott Salmon , Home Buyer, Spring, TX. The title company has the earnest money, not the seller. Return of earnest money on a short sale gone bad.
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