Legal Question in Real Estate Law in Washington
escrow demand letter
A potential buyer of some property we are selling backed out of the deal on the last day (after we granted an extension).
I suspect that this buyer did not live up to the terms of the purchase and sales agreement; specifically apply for a loan within 5 days of signing the agreement.
I am told that I need to send a demand letter for the escrow money.
How to I word it, how do I send it (registered mail?) and who else do I send it to (his realtor, escrow company etc.)?
Any help or direction would be appreciated.
1 Answer from Attorneys
Re: escrow demand letter
You don't relate whether you have a real estate agent in this mix or not. If you are represented by an agent that person should be dealing with the earnest money, which should be with the escrow company.
If you are doing this yourself, send a letter to the escrow company by certified return receipt mail and send copies of the letter to the buyer's agent. Include or attach a copy of the purchase and sale agreement, and take a highliter to the section where it says what happens to the earnest money. Reference this in your letter.
If you don't get this resolved in ten days or so, send a copy to the broker who supervises his realtor.
Hope this helps. Powell
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