How long can an escrow deposit be held if both parties do not sign for release?
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How long can an escrow deposit be held if both parties do not sign for release?
We had buyers cancel 36 hours before closing and wanted deposit back We did not sign to release rhe deposit to them.
Asked on August 27, 2019 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
It can--and will, in fact--be held until either 1) the parties work things out between themselves, and agree to how much money is released to each; or 2) one of the parties brings a legal action for a court order for the money's release, and the court in fact does order its release to one or the other (or partially to both).
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