1,052,321
Depends on why it fell apart!
Our AZ RPC gives Escrow Company discretion over how to disburse earnest deposits in event of breach.
Contract is King. Remedies for breach are clearly outlined, non-breaching party usually entitled to earnest deposit.
There has only been one time in 18 years that a title company IMO blew it and gave earnest money back to a buyer who breached a contract.
Nowadays, everybody so careful, the title company is reluctant to act unilaterally even though they can. And they make everybody sign a mutual cancellation.
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Debe Maxwell, CRS
Charlotte, NC
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Joseph Domino 480-390-...
Scottsdale, AZ
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Candice A. Donofrio
Fort Mohave, AZ
2,684,209
Good morning, Peter.
Title Attorney / Title Company holding the deposit wants a release signed by both parties before they return it.
Typical form is FAR RC-3X, Release and Cancellation of Contract.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
716,049
It depends on the circumstances.
-
Peter Mohylsky, Beach ...
Miramar Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
5,217,433
I let the title company holding the deposit refund the money when they have an autorized release signed by the buyer and seller.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
3,345,257
There has never been a time in my business when the emd was not released. The correct release form is signed by the parties. It is provided to escrow and the escrow officer releases the funds per the mutually signed release.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
1,844,301
Not without everyone's signatures. I would say that's a generous percentage of 99.999%.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
-
Bob "RealMan" Timm
Minot, ND
1,712,676
Our contracts in Oklahoma are 97% buyer oriented so keeping the emd is unusual.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
5,049,488
It would be released by escrow with signatures by both parties. It would depend on why, the timing, and the terms of the contract. I have no idea what's typical assume it's more common for it to go back to the buyer.
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Lyn Sims
Schaumburg, IL
4,883,260
I am never the escrow agent so I don't have the emd to return to the buyer. Our contract covers duties and responsibilites of the emd and release of it.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
2,781,313
Unless they give a legal reason otherwise
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
989,652
It's not up to me
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Jennifer Mackay
Panama City, FL
-
Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
249,315
If it falls apart due to a contingency that was not met, then absolutely. If it is due to the buyer not moving forward after all contingies are met, then NO. The contracts we use specify that my broker retains 50% of the EMD and the seller receives that balance of the money.
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Peter Mohylsky, Beach ...
Miramar Beach, FL
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
509,449
Title does this. If it's still during the option period, any of the agent can request the release of the emd as long as title received the termination document. After the option period, then both parties will have to sign.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
-
Susie Kay
Plano, TX
427,307
Follow what the contract says. Each situation is unique
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
7,836,623
Yes. We follow the terms of the contract.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
5,583,278
NOTHING is released without a fully executed release agreement....if one party refuses, it's not our money and we do not make decisions about it.... if the attorneys cannot negotiate it, we will eventually get sued for it and turn it over to the clerk of courts....NOT OUR MONEY....NOT OUR DECISION AS TO DIRECTION OF THE FUNDS....
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
3,383,334
By "you," I am sure you mean the seller. What does the contract say? That's the answer. In our market, there are so many outs for the buyer that it is rare a seller can cash out the EMD if a deal falls apart.
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Chris Ann Cleland
Gainesville, VA
4,319,419
Peter Mohylsky - if it is as per the contract.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
2,707,721
The title company releases it to the appropriate party, buyer or seller, depending on the contract and its termination cause. But, all parties have to sign a Release agreeing to the funds disposal.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
6,393,609
Most of the time.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
2,161,148
It is up to what the contract calls for and what the parties involved (which I am not one of) agree on.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
2,182,552
Yes, if the Buyer isn't in default
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
1,239,901
Sellers call.
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
2,062,308
I don't make that decision. If the buyer exits the contract within legitimate contract reasons... (ie: attorney review, inspection, or mortgage contingencies)... we don't have a leg to stand upon to keep any e.m.
If they've broken the contract, and decided to back out "just because", their e.m. is at risk... it's the decision of the seller as to whether we're going to release the funds. We are only allowed to release money at the express written direction of the buyer/seller as they direct. Period.
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
1,503,048
Escrow holds the EMD and will release it upon mutual agreement by both parties. Depending on what has transpired during the escrow, fees may be deducted or the seller may be entitled to it.
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
117,135
BOth parties sign for release. If the buyer and seller have each done their part of the contract, but it falls apart due to a contingency not clearing, typically the money is refunded.
Ive had a few deals where how much is refunded is negotiated due to buyers lack of progress, delays, etc.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
4,572,645
It's up to the seller, not the agent.
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
2,390,787
Yes, provided the proper paperwork is signed by all concerned Peter Mohylsky
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Debe Maxwell, CRS
Charlotte, NC
-
Susie Kay
Plano, TX
4,800,082
I don't do the release. I forward the release request to the holder of the escrow funds.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
5,772,575
We agree with Jeff Dowler, CRS
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Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
764,033
5,230,164
Depends upon the Contract - when they terminate, based on the dates of the Contract, is how NC operates. 95% of the time, the sellers opt to release the EMD.
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Bob "RealMan" Timm
Minot, ND
3,986,258
921,504
Hmmm,
The lender blows the deal.
So what are my choices?
- Take the money and run
- Let who ever is holding the money, take it and run
- Divy the dollars so everyone except the buyer is happy.
- Advise all parties to sign the release and return ALL the money. In Florida buyers are extremely well protected.
Any situation that does not return ALL the money when the lender drops the ball should be identified as a possible reason why so many are not fond real estate people.
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Bob "RealMan" Timm
Minot, ND
1,045,440
Typically the EMD is held by the Settlement Co in most cases in Northern Virginia or sometimes by the Broker and what happens to it depends on the what and why the contract fell apart. Peter Mohylsky
2,178,703
5,868,699
Our state contracts are written for the buyer, and generally tough for them to lose their EM. In over 20 years, only 4 Sellers have kept the EMD.
1,726,096
2,071,025
I don't recall if I had any EDM was not release. And the past 11 years only 2 contracts fall apart.
1,311,772
Release or not of EMD has nothing to do with the market. It is a byproduct of the contract. Cancellation under the terms and conditions specified in the agreement will likely lead to release of the EMD back to the buyer. DEFAULT on the part of the buyer may lead to forfeiture of the EMD to the seller. One size does not fit all. Conflicts can lead to legal action by one side or the other.
3,071,489
4,434,127