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Updated over 5 years ago on . Most recent reply

User Stats

50
Posts
24
Votes
Jim Tassoni
  • Rental Property Investor
  • Grand Rapids, MI
24
Votes |
50
Posts

Returning Earnest Money Deposit

Jim Tassoni
  • Rental Property Investor
  • Grand Rapids, MI
Posted

Hello,

I recently cancelled a purchase contract we had in place on a mobile home park due to some environmental issues we found during the due diligence phase.  Our contract clearly stated that the escrow agent was to act at the sole discretion and notification of the buyer.  Upon receipt of the cancellation notice the escrow agent is now saying that they need both the sellers and buyers signatures before releasing funds even though the contract clearly states otherwise.  Do I have any recourse here or is it just a case of needing to make sure title company will honor the agreement prior to using them?

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