Question Details

Lean&mean, Home Buyer in Tracy, CA

How to get Money Back from Escrow Company?

Asked by Lean&mean, Tracy, CA Wed Apr 13, 2011

We were ready to purchase on Monday. Funded account with downpayment, back funds, etc. But the seller was not vacating till the last hour. So we cancelled our contract after consulting an attorney.
Now the earnest deposti and the downpayment are with the escrow co.
My questions are:

1) Will I get my downpayment back automatically? The reason I ask is the money to the bank got wired back the same day. If not, what do I need to do?

2) How can I get my earnest money back? I didnt sign any special deposit clause.

Thanks a lot for your help. You guys have helped me tremendously!!

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Answers

2
Both sellers and buyers have to agree on how the earnest money deposit will be distributed and instruct the escrow company accordingly. There is a CAR form called "Cancellation of Contract and Release of Deposit". It specifies 1) the reason for canceling the contract. 2) the distribution of the deposit. If the sellers agree that you will get the emd back, both buyers and sellers have to sign the release of deposit section for it to be effective. If that's a not mutual consent and arbitration is required, you should consult your attorney.
Web Reference: http://www.archershomes.com
1 vote Thank Flag Link Wed Apr 13, 2011
Call the Attorney you consulted as they should explain how the process works.
Web Reference: http://www.mariesouza.com/
0 votes Thank Flag Link Wed Apr 13, 2011
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