Home Selling in Florida>Question Details

Chris K, Home Seller in Florida

What is difference between deposit release and sales contract release forms?

Asked by Chris K, Florida Wed Oct 24, 2007

What is the difference between a Deposit release and directive and termination of sales contract form and a Sales contract release and termination and directive? In the context of returning all or part of earnest money?

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Chris,

It seems as though you've had some issues with this based on your last 3 questions.
I would advise you to get a real estate attorney and get this over with.

I've been in this business for 30 yrs and most of the language you are using in your question ie: directive and termination of sales contract form - I have never heard of. A transaction works, or it doesn't, and who get's the deposit is a matter of who performed or not according to what was written in the offer to purchase.

In lieu of retaining an attorney, you can also file a complaint, or talk to the BROKER OF THE COMPANY - they do not like problems and the Broker owns the listings, NOT the agent.... perhaps you are not talking with the people who can help. If the Broker or manager doesn't give you satisfaction, file a complain with FREC (Florida Real Estate Commission) or get an attorney.

It is time to get this over with and move on.
0 votes Thank Flag Link Wed Oct 24, 2007
I don't know WHY you'd "return" a part or "portion"?? We usually either release the whole deposit. This is to the BUYER. But the forms sound like the same animal to me. If they accomplish the same thing THEY are the same animal. Cancellation of a contract and release of deposit is standard contractual forms. You can ALSO release all or a portion of the deposit to the Seller to further solidify a contract. I've done this with land sales where we hit certain benchmarks in the contract and release funds to the Seller. This is done at "tentative map" phase of the contract and at the "bonding" process for final map. If you have a long escrow or an escrow where the buyer is selling a relinquished property, you could demand a portion of the deposit be release and be non-refundable. Almost an option payment if you will. Might be a hard dog to hunt in this market but if someone wants something bad enough it is not a bad strategy.
0 votes Thank Flag Link Wed Oct 24, 2007
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