Tdmoore4, Home Buyer in Fort Lauderdale, FL

How many days does an escrow company have to return funds in Florida after termination of an expired contract?

Asked by Tdmoore4, Fort Lauderdale, FL Fri Nov 2, 2012

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Answers

5
I agree with the answers below. Once both buyers and sellers have signed a Cancellation of Contract, and agree to release the escrow deposit, escrow should be released quickly. However, if there is a dispute, you will have to resolve the dispute before any funds can be released.

Best of luck to you,
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Scohen77@aol.com
1 vote Thank Flag Link Tue Nov 6, 2012
Once you and the seller have signed the release and cancellation document, the escrow company should release funds immediately. Your Realtor should be instrumental in getting that done for you.
I will happily discuss this further if you require.
Regards,
Lynne Hale
954-303-0071
1 vote Thank Flag Link Fri Nov 2, 2012
If both seller and buyer agree that the contract has been terminated, you both sign a release and cancellation document attesting to this fact. Typically the seller passes this to the title company and they are able to issue a refund of deposit very quickly.

However, if only one of the parties thinks that the conract has expired, then the answer to this question may no be as simple. If there is a dispute over whether the escros deposit should be returned, the question will have to be handed to FREC (the Florida Real Estate Commission) and they wlll issue a decision. This may take awhile.

Marc Jablon, The Jablon Team
Re/MAX Complete Solutions
JablonTeam@gail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Sat Nov 3, 2012
They will need instructions, in writing, from all parties involved...

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Fri Nov 2, 2012
Escrow companies are impartial to whom receives a deposit - that has to be dictated by the documentation. Look at the contract and talk with your agent about a release & cancellation.
0 votes Thank Flag Link Fri Nov 2, 2012
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