All Forum Posts by: Jackie McBride

Hi Abdul R.. I'm a broker in Fort Wayne Indiana.  The earnest money will stay in escrow until there is a signed agreement to release it.  Your agent may have used the standard Indiana purchase agreement which defines on page 1 the process that will happen to disburse funds.  

From the purchase agreement:  Disbursement: Upon notification that Buyer or Seller intends not to perform, and if Escrow Agent is the Broker, then Broker holding the Earnest Money may release the Earnest Money as provided in this Agreement. If no provision is made in this Agreement, Broker may send to Buyer and Seller notice of the disbursement by certified mail of the intended payee of the Earnest Money as permitted in 876 IAC 8-2-2. If neither Buyer nor Seller enters into a mutual release or initiates litigation within sixty (60) days of the mailing date of the certified letter, Broker may release the Earnest Money to the party identified in the certified letter. If the Escrow Agent is the Broker, Broker shall be absolved from any responsibility to make payment to Seller or Buyer unless the parties enter into a Mutual Release or a Court issues an Order for payment, except as permitted in 876 IAC 8-2-2 (release of earnest money). Buyer and Seller agree to hold the Broker harmless from any liability, including attorney's fees and costs, for good faith disbursement of Earnest Money in accordance with this Agreement and licensing regulations.

No matter which purchase agreement was used state law mandates the process for release of earnest money.

I hope this answers your questions.  

Good luck.

Jackie McBride

Perfect Pad Realty, LLC

I'm in Fort Wayne and would take a look for you if it's in my area.

Hi! I'm a licensed real estate broker that provides property management services in Fort Wayne, IN. I hold security deposits in escrow as someone else stated above.  The lease I use states that the contract is between the property owner and names my company as the management service.  Since the property doesn't belong to me or my company it seems to me that the contract should really be between the property owner and the tenant.  In Allen County evictions must be filed by an attorney if you don't own the property or if the property manager isn't a w-2 employee of the owner, no attorney or judge has ever questioned the way it's written.