Anonymous

Spam prevention
Rainmaker
1,231,599
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

It is my policy not to answer annonymous questions

Mar 16, 2016 11:21 AM
Ambassador
2,563,831
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Maybe.  See an Attorney.

  Hey Janice, I am being polite and respectful... why don't you join our Community?  Post a photo, and a brief Bio, so that we can welcome you to ActiveRain.

      

Mar 16, 2016 01:41 PM
Rainmaker
1,456,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Check your state law regarding release of escrow funds. My state has specific procedures.

Mar 16, 2016 11:36 AM
Rainmaker
1,867,185
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You go Mary Yonkers 

Mar 16, 2016 11:37 AM
Rainmaker
887,633
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

The AZ RPC gives escrow sole discretion in releasing earnest money according to the contract. They rarely will do it themselves and will hold out for a mutual release. However, I have seen escrow decide who got the earnest money and in my opinion it was an unfair decision. The contract allows them to do it, though. And both parties signed it.

Mar 16, 2016 11:27 AM
Ambassador
4,557,340
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I expect terms and conditions vary by state. Here in CA you cannot release the funds without both parties agreeing in writing and we have a form for that.

But it sounds like you should seek legal advice regarding your state requirements and the particular situation, not expect nor rely on answers from someone here

Mar 16, 2016 11:02 AM
Ambassador
1,576,005
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Fred Griffin and Michael Jacobs have this one covered.

Mar 16, 2016 10:49 PM
Rainmaker
4,059,091
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends on the language in either your state purchase agreement and/or escrow instructions.  

Mar 16, 2016 07:40 PM
Ambassador
3,722,438
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

That depends on the language in the escrow agreement. 

Mar 16, 2016 12:15 PM
Rainmaker
140,568
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

Depends on your states contract.  In my state, a cancellation form must be signed.

Mar 16, 2016 12:06 PM
Rainmaker
2,062,464
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

No idea.

Jun 16, 2019 08:00 AM
Rainmaker
1,596,531
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

What the answers! 

Jun 16, 2019 07:54 AM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Follow the contract and what it says to do. If it is unclear most states have procedures that must be followed for earnest money release.

Nov 14, 2016 11:19 AM
Rainmaker
1,514,105
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Not in my area. Both principals must sign any documents. Without that Escrow would not dare.

Mar 17, 2016 06:20 PM
Rainmaker
393,706
BILL CHERRY
Bill Cherry, Realtor - Dallas, TX
Broker & Wealth Coach

In Texas that's not the law. Howevere, to keep the file clean, the title companies I'm familiar with will ask that the parties aree to the release.

Mar 17, 2016 11:48 AM
Rainer
318,613
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

Doesn't the contract predict the answer?  Why should the EM be returned? 

Mar 17, 2016 10:13 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is dependent on the laws of the state you reside in and then best answered by a real estate attorney.

Mar 17, 2016 05:20 AM
Rainmaker
1,716,018
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

NO.

Mar 17, 2016 03:01 AM
Rainmaker
6,540,283
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow your state law requirements.

Mar 17, 2016 01:53 AM
Rainer
3,472
Janice Poole
RE/MAX Performance Plus - Covington, WA

Hi, Janice Poole Haldeman here - I posted the question and this is in WA state.  I posted also on a "real estate agent" site and it's interesting how the answers vary so much.  Every single Realtor indicated (of course in WA State) (and yes, they are Realtors, not attorneys) that a signed rescission is required to release the EM.  That it is ABSOLUTELY not up to escrow without such document and that in other case could this occur without liability to Seller.  And YES everyone,  I do plan to consult with an attorney here in WA.  Was just "asking a question" to a legal forum so sorry to some of you who got offended or thought I didn't have enout sense to contact an attorney.  After I do talk to a REAL ESTATE ATTORNEY in WA State, I will provide you all with their take and results.  Thanks for participating!

 

Mar 17, 2016 01:10 AM
Ambassador
5,357,189
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

We would really need to examine your contract to determine the answer, you may want to share it with a good Real Estate Attny.

 

Mar 17, 2016 01:09 AM
Rainmaker
2,634,031
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The escrow language answers the question. The company I am using now specifically states they will hold disputed funds and charge for it too. Consider also that buyer/seller or anyone can instruct what to do and when as long as they agree. Good question and thank you

Mar 17, 2016 12:30 AM
Rainmaker
818,217
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

PLEASE consult an attorney in your state before the conflict deepens. Sounds like something went wrong somewhere along the line.

Mar 17, 2016 12:14 AM
Rainmaker
4,156,931
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not without liability unless you have a court order!

Mar 17, 2016 12:04 AM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Janice. It depends.  Some escrow companies will make a decision as to who the EM goes to in the event of a dispute - unless there is clear language to the contrary in the contract...  consult an attorney for legal advice!

Mar 16, 2016 11:48 PM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

No.

Mar 16, 2016 10:38 PM
Rainmaker
3,995,106
Richard Weeks
Dallas, TX
REALTOR®, Broker

It depends on why the earnest money is being returned.

Mar 16, 2016 10:27 PM
Rainmaker
4,433,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Legal question.

Mar 16, 2016 09:57 PM
Rainmaker
634,272
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Yes but they probably won't without legal action to force it.

Mar 16, 2016 06:20 PM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Escrow is a sort of 'joint' account that can be 'touched' only when both buyers and sellers signatures are there.

Mar 16, 2016 03:03 PM
Rainmaker
1,157,485
FN LN
Toronto, ON

We don't have escrow companies in my jurisdiction.

Mar 16, 2016 02:51 PM
Rainmaker
955,541
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Read your contract...it should be addressed there. If not, ask your broker or a good lawyer.

 

Mar 16, 2016 02:12 PM
Rainmaker
530,285
Gary Coles (International Referrals)
Venture Realty International - Las Vegas, NV
Latin America Real Estate

Janice Poole I agree with Fred that it would be great to have you spend more time in the Rain.  

In the case you describe, the Seller may have a case if he can prove he waas entitled to the money  --- if that is true, he should consult with a good real estate attorney.

If he was not damaged by the actions of the escrow company, he is just wasting the time of everyone involved.

I am not an attorney and this is not intended as legal advice  -- just sharing things that I have seen in the past.

Mar 16, 2016 02:11 PM
Rainmaker
3,427,302
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Interesting good question.

Mar 16, 2016 02:08 PM