If we had a contract to buy a home but terminated during our Inspection Period which we could do for any reason “in our sole discretion”, how do we get back out escrow?
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If we had a contract to buy a home but terminated during our Inspection Period which we could do for any reason “in our sole discretion”, how do we get back out escrow?
The sellers have the property under contract with another buyer but refuse to sign a Release and Termination which will give us back our escrow. It has been over a week. How can we get our escrow released?
Asked on October 29, 2015 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You sue them for breach of contract: if the contract of sale allowed you to terminate during the inspection period in your sole discretion, and you properly (i.e. using whatever procedures, ways of giving notice, etc. were in the contract for notifying of your decision) within that time period and the sellers will not return escrow, they are in breach of contract. The way you enforce the terms of contracts when the other party will not follow them is via lawsuit. If the amount of escrow falls under the maximum limit for your small claims court, suing in small claims, as your own attorney ("pro se") is a good option.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You sue them for breach of contract: if the contract of sale allowed you to terminate during the inspection period in your sole discretion, and you properly (i.e. using whatever procedures, ways of giving notice, etc. were in the contract for notifying of your decision) within that time period and the sellers will not return escrow, they are in breach of contract. The way you enforce the terms of contracts when the other party will not follow them is via lawsuit. If the amount of escrow falls under the maximum limit for your small claims court, suing in small claims, as your own attorney ("pro se") is a good option.
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