Q: We tried to buy a house but the sellers could not transfer the title in time so we agreed to rent the property until they could. However, they failed to transfer the title by the new deadline and we had to pull out. We are currently renting the house and it was our intention to buy once a clean title could be transferred. Now that we have pulled out (and we have signed the mutual release over a month ago), the sellers have relisted the house and we have had 10 viewings so far. However, they refuse to sign the mutual release and return our earnest money. Our rental agreement was very clear in stating that the earnest money is not to be withheld as a security deposit.
Are the sellers legally able to withhold the mutual release and earnest money if they have already relisted the house?
?Anonymous, Cleveland, OH
A: Sadly ? this is a legal question and as such, you need legal help so that they can go over your contract and your rental agreement to give you an answer.
Lana Lavenbarg is a Realtor? with RE/MAX Ideal Brokers, Inc. in Grants Pass, OR.
A: I don?t think the sellers are being fair with you. You should pursue an ?Escrow Dispute Resolution? process through the REALTOR who assisted you or through an Attorney. I would have to see the agreements you signed, however, if what you say is true, and the sellers are in default, you should receive your escrow deposit back or can sue the seller for performance. Consult a RE attorney at the very least.
Lou Sansevero is a Realtor? with Atchley International Realty in Lakewood Ranch, FL.
A: The sellers can re-list a home but they can only accept an offer contingent on the successful cancellation of your offer. If you have been waiting a month to have your earnest money returned and the sellers refuse to sign the cancellation, you need to take action. First you should call the listing Broker of the company that has the home listed and see if you can make any headway, and ask why the sellers have not signed the cancellation. Don?t ask the agent, ask the Broker. If that doesn?t work, call a real estate attorney and ask about a statutory cancellation. The attorney would file this cancellation and the Broker holding your earnest money would legally have to return your earnest money even if no cancellation of the purchase agreement was signed by the sellers. I have seen attorney?s charge one to two hundred dollars to provide this service. Good Luck, dont be held hostage! Take Action!
Paul Aspelin is a Realtor? with Beyond Homes Realty LLC in Victoria, MN.
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