Escrow Disputes
When the parties to a transaction select a third person or entity to perform escrow functions, the third person becomes the agent of each of the parties to the transaction who have submitted instructions to the agent. Many people are unaware of the fact that when a real estate transaction is cancelled by one of the parties, that the escrow will not automatically return the deposit, or other funds in escrow, without the signed instructions from all parties to the escrow. Therefore, if there is a dispute concerning the deposit the money will be held in escrow until both parties sign mutual instructions on how to release the funds, or until a court order is obtained directing the escrow what to do with the funds.
If your property is in escrow and the contract is going to be cancelled by one or both of the parties it is very important to have mutual escrow instructions drawn up to handle the disposition of the funds in escrow, and to allocate the costs of the escrow to the parties. Our office can assist you with any kind of dispute concerning an escrow.