How do we collect earnest money that was supposed to be deposited but wasn't?
We were selling our home under a Lease to Purchase agreement. They made the offer, including $5000 earnest money in August 2007 for a final purchase date in August 2008. Well now (July 2008) they aren't going to be able to buy the house, so that means they forfeit their earnest money. WELL, we just found out (11 months after the contract was signed) that our property management company never had the earnest check cashed. Now the buyer is saying they don't have the money to cover the $5000 check they wrote. What can we do? What recourse do we have to get the $5000 we are due? Do we need to sue? Who do we sue, the buyer or our agent that told us they had collected the earnest money when in fact they didn't? Shouldn't the agent be held responsible for paying us the $5000 and they can go after the buyer themselves to get their money back?
Hi Estelle,
I have helped several Buyers and Sellers navigate the various pitfalls of lease purchases and lease options in Conifer, Morrison, Golden and Evergreen. The first thng I always insist on is to have an attorney-- not your agent or property manager, draw up the agreement and discuss the risks. I recently had a very constructive conversation with John Goodman an attorney specializing in real estate transactions. I will be happy to refer you to him and he may be able to assist you. In your description of the story it is clear that someone did something wrong and you very well may be able to recover damages.
Estelle,
There are a number or issues here. Our recommendation is, as mentioned previously, it is important to consult an attorney.
Greetings Estelle: This is an unfortunate situation. I would consult a Real Estate Attorney.
All the best, Kathryn
Have you tried talking to the broker for the agent? If a check was written NOT KNOWING ALL disclaimer with my comment, would that not be considered NSF check? If so then that would possible involve the DA's office, DISCLAIMER: I dont know all the facts also contact an attorney in real estate
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Sounds like you are in need of legal advice, I suggest you contact a lawyer. Realtors are not supposed to give legal advice, even if you feel that the manager of the property is liable you can sure bet you will have to take some type of legal action.
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