How long can an attorney/agent hold my earnest money check aftera purchasecontract was canceled?
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How long can an attorney/agent hold my earnest money check aftera purchasecontract was canceled?
What steps can we do to get it back?
Asked on January 13, 2011 under Real Estate Law, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This question is not as easy to give guidance on as one would think. The attorney ma be holding on the money because there is or is anticipated a challenge to the cancellation of the contract. Did you cancel it? Was the reason valid under the contract? In other words, was there a breach that would cause you to forfeit the money? You need to read your contract and you need to ask your attorney about these issues. If the cancellation was mutual and there was no penalty for the cancellation that could be held to you then it should come back to you almost immediately. Make sure everything else is ok and then write the attorney a letter requesting it. Good luck.
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