Legal Question in Real Estate Law in California
I have an escrow with funds alloted to two different trust deeds. Each deed was identified and a specific amount of money was listed as being held until the requirements {reconveyance} were satisfied. I satisfied one trust deed but they are refusing to release the funds until the other deed is satisfied although this was not a condition in the holdback agreement I signed. Is this breach of contract?
3 Answers from Attorneys
You do not provide enough information for us to know how the two are connected ort whether something requires both to be paid before either one can be paid. I doubt threatening anyone with a lawsuit will have any effect on the money being released. Title insurance companies do not pay much attention to those types of threats.
It would be impossible to give you an opinion without reading the escrow instructions, but I am inclined to guess that the fact that there is a single escrow, not two separate ones, shows that the parties' intention was for a single closing after all the requirements were met.
Having been a Vice President and Associate General Counsel for Fidelity National Title, Chicago Title and several smaller subsidiaries of Fidelity National Financial, I can all but guarantee that the documents were prepared such that you have no right to the funds until all the conditions of the escrow are satisfied.
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