Legal Question in Real Estate Law in Utah

No ernest Money deposited

I had a signed REPC which included $1000.00 ernest money to be deposited withing four days of acceptance of the REPC which happened two weeks before settlement. At settlement all remaining contractual documents were signed for a cash deal, but no cash ever appeared. Buyer disappeared. I had found out just before settlement that no ernest money was ever given to or deposited by the buyers agent. The buyer clearly breached the contract and I am left with nothing. Is anyone liable for the $1000.00 ernest money, like the agent or broker, or the escrow agent for not obtaining the required ernest money which I thought was a state law?


Asked on 7/16/09, 12:42 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: No ernest Money deposited

Agent/broker is responsible for the $1000.

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Answered on 7/16/09, 1:40 pm


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