Quote:
Originally Posted by retiredguy123
What about the escrow company? In a typical real estate sales contract, the earnest money is held by a third party in an escrow account that does not belong to either the buyer or the seller. The earnest money is rarely ever forfeited because the purpose of it is to demonstrate that the buyer is serious about buying the house, not to be used as a threat or penalty against the buyer to force a sale. But, the broker has told the buyer that they will automatically forfeit the money if they don't complete the sale. Totally not true. What is wrong with the buyer asking an attorney to review the contract, explain their rights, and ask the escrow company to refund the earnest money? The escrow company is the decider here, not the broker. It sounds like this broker has not treated the buyer ethically or in a fair and fiduciary manner, as required by law.
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The escrow company ABSOLUTLEY is Not the decider as to who gets the escrow money if the deal does not close. If the deal does not close and both parties lay claim to the escrow, it will be the Florida Real Estate Commission who decides will get the escrow. Please do not give misleading information to this lady, who is clearly distraught (rightfully so).
Ma'am if you read this, I am praying that your husband's surgery goes well and he makes a full and speedy recovery.