Home Buying in Barefoot Bay>Question Details

Golfer11649, Home Buyer in Sebastian, FL

How long can a agent hold on to a downpayment after awithdrawal on the property?

Asked by Golfer11649, Sebastian, FL Mon Aug 13, 2012

I changed my mine the day after i put down a thousand dollors on a house. How long can they hold my money/

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Answers

6
That $1000 is not a DOWN PAYMENT,
it is a DEPOSIT.
It should be held by the Title Company:
Have you checked with them?
0 votes Thank Flag Link Wed Aug 15, 2012
If the seller had not yet responded to your offer, then it would be just a matte of getting a refund from escrow subject to completion of their paperwork. However if the seller had accepted your offer, then the seller needs to sign off on it to get your escrow released.
0 votes Thank Flag Link Wed Aug 15, 2012
Agent is required to put your deposit in an escrow account, at his brokerage, a law firm or a title company.
To get your money back, the seller is going to have to sign a "Release and Cancellation of contract for Sale and Purchase" so that all parties agree to give you back the money. Seller may have rights to that money, depending on the facts.

Your Real Estate agent should explain this to you and give you advise, or you can go to a lawyer.

Holder of escrow will not release money until seller agrees.

John
0 votes Thank Flag Link Mon Aug 13, 2012
That's a complex questions and there are several answers that could derive from it.
If you were putting this deposit down as earnest money " Good Faith" towards the purchase of the home, then the deposit should be returned, because you cancelled the contract prior to acceptance.
If the contract was accepted then there would be different levels at which point the money would be returned or the seller could keep the deposit.
If you were putting the money down on a rental as a hold, and withdrew after being accepted.
Which seems awfully fast. The money would not be returned. I'm sure that there is more to the story and this is just a basic answer. Your agent should be able to give you exactly the reason why your funds are being held and not being returned.
Or simply, it takes a signed document by all parties to release the funds. Hope this helps. Good Luck.
0 votes Thank Flag Link Mon Aug 13, 2012
The money you gave your agent should have been deposited within 24 hours, if it was then it will be to the escrow holder (ususally a title company) to release the money back to you. If they had already deposited the check it will be after it clears the bank.

If you put the money on an offer that had been accepted and signed by the seller, which means you had a contract, then escrow cannot be returned until the seller sign a release (saying its ok for you to break the contract). Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Mon Aug 13, 2012
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That is called a Good Faith Deposit, money you put up to promise to close or you forfeit it. The seller likley took the property off the market and may have lost out on other potential buyers holding the property for you.

Depending on the situation and how far along you are and how the contract is written, you may not get it back if the seller feels you did not fullfill your contractual obligations.
0 votes Thank Flag Link Mon Aug 13, 2012
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