Legal Question in Real Estate Law in Georgia
Escrow deposit for potential real estate purchase
3 years ago I paid $5000 pursuant to execution of reservation of a lot in a new development. The agreement clearly says I get my money back if I do not exercise the purchase. I did not purchase my particular lot and asked the developer for my refund a week ago and he said the escrow account had been closed out by the back several months ago. I told him I did not get my money back and I need it. He has not gotten back with me and not responded to my e-mail. Should I call the bank. What are the rules on the ban k holding my money and not dispursing it to me when the account was closed out. Can I file a claim in small claims court against this gentleman's company. What should I do? Thanks.
1 Answer from Attorneys
Re: Escrow deposit for potential real estate purchase
No one has your documents, but generally if the other party to an agreement breaches the contract (such as failing to pay or return money), then the remedy is to sue them if they will not pay. Explaining "rules" about bank accounts or guessing whether you should call the bank are meaningless without reviewing exactly what all related agreements and documents provide.
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