Home Buying in 60089>Question Details

Peggy, Home Buyer in 60089

We are going to suit both sellers and the broker since the sellers do not sign the cancellation notice, and release our earnest money. Is it true?

Asked by Peggy, 60089 Tue Jun 29, 2010

the property can not close if there is a lawsuit on this property? or we still have to record this property, and put a lien on this property, and the property can not be closed until the lawsuit is solved?

Thanks advance for all of your advices!

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peggy there are some variables, your suit would have to be valid, which means your cancellation was within your rights under the contract and within the dates allowed. if you were to attach the property you would have to go before a judge to show your case and they can issue an attachment. You should have an attorney review your contract to make sure you are withdrawing from the contract legally. Often times a strongly worded letter from your attorney to the seller and their agent will work if you are in the right. good luck with working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jun 29, 2010
A Lis Pendens (pending lawsuit) or lien against a property could hold up a sale if it shows on title.

More details would be needed to know the reason the seller and or broker is not releasing the earnest money. If you are not in any breach of contract on your part, then I would talk to the listing broker first before filing a lawsuit and try and work something out. Maybe the threat of filing will get you some satisfaction before you need to take it to court.
0 votes Thank Flag Link Tue Jun 29, 2010
Peggy,
It sounds like you have chosen to cancel your purchase contract, and the Sellers don't want to do that.

Without knowing the details of your situation, I don't actually know if you are in a position to cancel the contract and receive your earnest money back. What does your agent say? He/she should be able to explain your purchase contract to you.

The contract guides everything. Was there a contingency (or condition) in the contract, such as your obtaining financing, which was not met ,and may now allow you to cancel the contract and get your deposit back?

Please ask your real estate agent what the procedures are for handling an escrow dispute in your state. Your state's Real Estate Commission will have very strict rules about how these disputes are handled, and until the dispute is resolved, the money cannot be released to anyone.

If it's possible, you may find the best solution is to work things out with the Seller and proceed to closing. Good luck.

Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Tue Jun 29, 2010
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