Thursday, December 8, 2011

How can I get my deposit back from scrow?

I was buying a house, but the loan didn't work find. Now I having trouble to get back my 3,000. 00 deposit. My agent already call them a few times. What should I do? or Is there any goverment agency that can help me to get back my money? Please help!!!!!|||Well who has the deposit. It almost sounds like the seller has it. That is bad, and while I am not familiar with California, in most states that is wrong,...it should be in the real estate agent's escrow account or the title company's.





If it is with the Real Estate Broker, there is probably a process with the Broker's governing body you can avail yourself to rule on the matter and authorize the Broker to give the money to you without Seller's approval.





If the seller has it, you have problems (or if there is no regulatory avenue). You will may have to file a lawsuit to get your money back. If you do, make sure you file a notice in public record with the lawsuit notifying potential buyers that you have a claim against that home for your $3,000.00. While some locals may have another name for it, I know it as a "Lis Pendens". That is the way to assure that you have something to grab on to to secure the return of the $3000. Obviously there are many implications and risks of a lawsuit....I suggest talking to a local attorney.|||You should have signed the CAR form called "Cancellation of Contract, Release of Deposit and Joint Escrow Instructions" once you knew the deal wasn't going to happen. At that point your agent would forward that form to the seller who would have to agree to this cancellation which notes the reason why your contract is being cancelled. After the seller has signed the form it goes to the escrow company so they can release your deposit back to you.





We cancelled escrow on a house a couple months ago and got our deposit back within a week. Obviously all parties have to be in agreeance and depending on the contract there could be penalties depending on how far into the process you were. If there were contingencies that were removed prior to your cancellation that can pose a problem in getting all or some of your deposit back. Your agent is the one who should explain this process to you though and who should be working with the sellers agent to get this issue resolved.

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