Legal Question in Real Estate Law in North Carolina
I had a contract to sell my townhouse in Pinehurst, NC and the buyer breached the contract at the last minute before closing.
She had deposited $1000.00 Ernest money with the listing agent who deposited it in a trust account.
The attorney prepared a Termination of Contract and Release of Earnest Money document and the buyer and seller both signed the document.
Item 5. in the document DEPOSIT reads " The Parties agree that the Deposit shall be disbursed by the Escrow Agent to the SELLER.
My agent sent me $500.00 and told me North Carolina law states that the forfeited ernest money be spit 50/50 with the listing agency and the seller.
My question is "Is this a true statement by the agency" and where can I find it online. Thanks for your assistance.
2 Answers from Attorneys
Never heard of that personally. Ask the Realtor to show you the "law" or better call the North Carolina Real Estate Commission and ask them (ncrec.gov). If they say there is no such law - then find a new listing agent (but make sure you have them sign a termination).
- Jeff
I agree with Mr. Rosner, contact the NC Real Estate Commission as I have never heard this assertion before either.
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