Home Buying in 90201>Question Details

mcortez2121, Home Buyer in Bell, CA

Seller decides not to sell , escrow is holding my deposit 20k , seller won't sign so that I can get my deposit back. What should I do? What can I do?

Asked by mcortez2121, Bell, CA Mon Jun 24, 2013

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Hi mcortez2121,

First, you should be asking your Realtor® this question since nobody on this forum knows the details of your transaction - and yes, knowing ALL of the facts can make a difference!

However, assuming you used the most recent version of the CA Association of Realtors® purchase contract I would draw you attention to Para 14F of the CAR RPA states, "If Buyer or Seller gives written notice of cancellation ….A Buyer or Seller may be subject to a civil penalty of up to $1,000 for refusal to sign such instructions if no good faith dispute exists as to who is entitled to the deposited funds (Civil Code §1057.3)."

Civil Code §1057.3 says the Seller must release the deposit within 30 days. http://law.onecle.com/california/civil/1057.3.html

Again, speak with your Realtor®!

-Steve
0 votes Thank Flag Link Mon Jun 24, 2013
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