Legal Question in Real Estate Law in California
Escrow
I was purchasing a property and put down $5,000.00 as a deposit with a contingency of selling another property, at the end of the 60 days I did not sell the property, so I should be refunded the deposit minus expenses, 2 months have passed since the escrow was cancelled and no refund, I have called and spoken to both the real estate and the escrow and they assure me that it is in the works, but I am skeptical, this is dragging for too long. Please advise me as to what is my next step.
Thank you
1 Answer from Attorneys
Re: Escrow
I woild start out by verifying exactly what did happen to your $5,000 deposit. Look at the check and see who endorsed it and when and where it was negotiated. Then check the Department of Real Estate's Web site to verify the licenses and discipline records of the broker and the escrow company. Also carefully re-read your purchase agreement, deposit receipt and escrow instructions to look for any possible justification for not forking over the money.
Finally, does the other party and his/her/its broker agree that you're entitled to a refund? Often, the existence of a possibly legitimate claim by the other party for liquidated damages can hold up a refund.
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