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Chelle, Both Buyer and Seller in Phoenix, AZ

I gave an escrow deposit to an escrow co in salt lake city, ut last year. I have been requesting the deposit

Asked by Chelle, Phoenix, AZ Fri May 23, 2008

back since then with no response. As far as I know, this is illegal to continue to hold my deposit (it was never tied to the purchase of any property). Who regulates escrow companies in UT? What is the best way to pursue this refund? Thanks, CD

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The advice is to get an attourney, however I would need to know a little bit more about why the escrow company got the money in the first place and why your realtor hasn't got it back for you! I would love to know which company it was!
1 vote Thank Flag Link Mon May 26, 2008
You would need to contact the Utah State Deparment of Insurance. You can file a complaint through the website by following this link: http://www.insurance.utah.gov/consumers.html
1 vote Thank Flag Link Fri May 23, 2008
Best thing to do is get a lawyer. Customs vary in different parts of the country, so I can't speak to Salt Lake City. (However, I do have some good contacts there, if you want to send me an e-mail.) But generally an escrow company holds the money until all parties direct that it be released. You say that the deposit wasn't tied to the purchase of any property. Does that mean there was no other individual or person involved whose permission would be needed to release the money? If that's the case, then, yes, I'd be very concerned, too.

And how have you been making your requests? Hopefully in writing. And, recently, hopefully by certified (or registered) mail--something you have a record of. And even if there is another person who must agree to the release of the funds, the escrow company should have communicated that information to you.

So: Get a lawyer. Let him or her handle it. You've done what you can.
0 votes Thank Flag Link Fri May 23, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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