Legal Question in Real Estate Law in Pennsylvania
We had a property listed for sale. Prospective buyer made a $500 deposit. All paperwork was signed for the sale. Buyer backed out. Realtor does not want to give us 50% of the downpayment per the contract. Is she required to do so?
1 Answer from Attorneys
Release of the deposit is controlled by the agreement of sale/contract, and by the listing agreement you had with the Realtor. She may not be in a position to release the deposit if the buyer is not signing a release (you would also have to sign it). If the buyer and seller do not sign the release, the only way to release the deposit is to get a court order. The Realtor won't pay the cost to do that, so either the buyer or the seller has to.
You should also check the documents to find out why you would be entitled to only 50%.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
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