Does there need to be an escrow deposit to make a real estate contract legally binding?
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Does there need to be an escrow deposit to make a real estate contract legally binding?
Asked on May 29, 2012 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Generally speaking, the escrow deposit is part and parcel of the contract so if the contracts so states that it is necessary then yes, it is necessary. Without it the contract is probably written to fail. If you are asking if the parties can waive it I guess that would be yes but I have rarely heard of it. Good luck.
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