Home Buying in 20815>Question Details

Buyer2011, Both Buyer and Seller in 20815

I am trying to get a blank copy of GCAAR form 1317 (Release Agreement). Buyer's agent has been less than responsive. Any suggestions?

Asked by Buyer2011, 20815 Tue Dec 13, 2011

Deposit is being held and I am trying to get it released. Transaction did not go through because Buyer (me) unable to get necessary financing. Release agreement was signed by me, but altered by Seller to keep deposit. Unacceptable. Property was sold to another buyer. I am trying to get a new Release Agreement to send to Seller's Attorney.

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If you can't get in touch with your agent, then you need to contact their Manager or Principal Broker.
2 votes Thank Flag Link Tue Dec 13, 2011
Hi Buyer,

Your deposit is not automatically returned to you. Both parties have to agree as to the disposition of those funds in accordance with the terms of the contract. If you can't come to an agreement with the Seller, or they won't communicate with you...

Start by contacting the Broker that is holding the deposit. Make sure you supply him/her with all of the facts surrounding what happened and why you feel (per the contract) you are entitled to the deposit. Ask if they will intervene on your behalf to see if the Seller will return the deposit.

If they will not agree, the Broker can make a decision to return the deposit to the party they feel is contractually due it. But they don't have to and making that decision can put them in a position of liabilits.

If the Broker, can't or won't make a decision ask for their assistance in contacting the board of Realtors for your county to request a mediation session. They usually cost about $150.

If there is no agreement with any of these steps then your deposit will likely be turned over to the State and you will have to go to court to prove you should get it back.

Anytime there is money on the line you should consult with a licensed attorney to give you guidance that is specific to your contract.
2 votes Thank Flag Link Tue Dec 13, 2011
I agree with Scott. The seller would not be able to engage with another buyer while your contract is still in force. So the seller got another contract and *sold* the property while you were getting financing? Sounds like the situation may be a bit more complicated than that.

Your situation won't be resolved by simply getting the proper form. As other have suggested, immediately contact your broker. You should also get advice from a real estate attorney sooner rather than later. Contract language is very specific about financing. You need to understand the exact terms that you and the seller agreed-to.

Good luck.
Web Reference: http://mocorealestate.com/
2 votes Thank Flag Link Tue Dec 13, 2011
Your agent probably won't give you a blank form, as that is potentially fraudulent. If the seller made an amendment to the terms of the basic agreement, it's considered a counteroffer. If you did not initial it, there was no agreement.

If the seller refuses to release the deposit, and you had an active financing contingency, you should consult an attorney for your next steps. Depending on the contract you used, the seller may be able to retain all/part of your deposit for damages. However, if they have already secured another buyer, their case for damages will be difficult.
2 votes Thank Flag Link Tue Dec 13, 2011
If your agent is nonresponsive, immediately contact his/her broker for assistance in getting this matter resolved.
2 votes Thank Flag Link Tue Dec 13, 2011
Technically, if you never initialed the change to the release then it wasn't finalized. Therefore, the seller cannot engage another buyer and pursure settlement until this is addressed. Who holds the escrow funds? Hopefully, it's a title company. I would contact the attorney and BOTH brokers to ensure all aprties are informed and can take appropriate action.
2 votes Thank Flag Link Tue Dec 13, 2011
That is an interesting situation since if the release was never fully executed,signed by you and the seller, in my (not an attorney) opinion the seller would not have been able to put the home back on the market nor sell the home to another purchaser.

You should immediately contact your agent's broker to resolve this issue.

good luck,
2 votes Thank Flag Link Tue Dec 13, 2011
You need to call your agent's broker so that he/ she can resolve the problem for you.
2 votes Thank Flag Link Tue Dec 13, 2011
What happened with your financing? Was it property related or credit/income related?
1 vote Thank Flag Link Tue Dec 13, 2011
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