Legal Question in Real Estate Law in Iowa

We (the sellers) are at the end of our contract sale (ends July 10) and there is a discrepancy on how much the buyers owe us. We believe it is $2300 and the buyers don't believe they owe more than $1090. Recently $1000 was given to the realtor to help with the closing - they owe us that much in unpaid insurance and taxes. This money was placed in their trust to make sure the money was really there - and as safe keeping - while we tried to come to an agreement. All of a sudden, the buyers want to recollect their money even though no decision has been made as to how we are going to continue. (We have an appointment with a lawyer Monday morning). Can the buyers re-collect this money when they know they owe us at least that much?


Asked on 7/01/15, 4:50 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Since you are going to speak with an attorney on Monday, it would be best to have your questions answered by him or her. Your attorney will have the advantage of reviewing the relevant documents and asking questions of you. I would question why a real estate agent collected $1,000 to "help with the closing." This would seem to me to be the practice of law. You may want to ask your attorney this question as well.

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Answered on 7/02/15, 7:06 am


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