Legal Question in Real Estate Law in Rhode Island
My mother is selling her home. My sister in law is her real estate agent. The home has been on the market for over a year. After my father died my mother could not afford the taxes, insurance, & heating costs to maintain the property, therefore she vacated the premise & is now living in elderly housing. There was a prospective buyer for the home (about three months ago) in which a $5000.00 deposit was put down from the buyer. The buyer has now backed out of the contract and my mother & I are now told that the deposit is being kept by the agent/ agency for lawyers, bank fees, & realtor fees. My mother is still struggling terribly to pay for the taxes, insurance, & fuel costs to maintain the vacated home. The home is now back on the market. My question is, shouldn't my mom get that deposit not the agent/ agency? I think my sister in law is pulling a shrewdy on us. I appreciate any advice. Thank you.
1 Answer from Attorneys
I had never heard the term, "shrewdy" before, but you may be right, as this does not ring true.
Carefully read to see if anything is mentioned about the deposit either in the real estate listing agreement your sister-in-law would have had your Mom sign before sister-in-law listed home for sale, or in the Purchase & Sale Agreement with the buyer.
If you find nothing specifically permitting the broker to keep any forfeited Deposit, then you may wish to ask sister-in-law directly. Bottom line is that real estate salespersons and brokers are regulated by the RI Department of Business Regulation (here: http://www.dbr.state.ri.us/divisions/commlicensing/realestate.php ).
For your information, LawyersCollaborative offers as a Limited Engagement where one of our Staff General Counsel will spend up to an hour meeting with you (to review documents, explain procedures, and otherwise help you), for a reduced, fixed fee.
Best wishes,
Scott Summer, Staff General Counsel
LawyersCollaborative
www.lawyerscollaborative.com
401-467-7771
Note: The above information does not constitute legal advice. Unless a written Collaborative Representation Agreement has been signed, neither LawyersCollaborative nor any of its Staff General Counsel is your legal representative.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
