Are there any RE lawyers in Atlanta? A RE broker is refusing to return our earnest money and transaction fee?

Answer 1

Suggest you go to the FindLaw site: http://realestate.findlaw.com/homeownership/

Enter your zip code and get information and ask your question on their forum. Legal professionals will answer your question there.

Just a note: Georgia state law may have other provisions, but on the average, earnest money is generally not refundable. This from FindLaw's Home Buying-Selling Dictionary

Earnest Money

"The deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable."

Answer 2

Did they give you a reason?

A RE Broker can not just return the earnest money with out a release from both the Buyers and the Sellers - It is the law.

If both the Buyer and Seller are claiming rights to the money, it is not up to the Broker to deside who is right. If this happens, the Broker will turn the money over to the courts and let the courts deside. However, if htis happens, the only one that wins will be the lawyers in fees.

If this is the case, both parties are claiming the rights to this money, talk with your agent to see if they can work out a deal. 50% is better then knowing you are right and giving it all plus more to a lawyer. Trust me, the Borker does not get to keep this money.

Oh - Seikilos above is wrong, it will state in the contract, when earnest money is refundable (ie - the home fails a home inspection). However, even though it might be VERY clear that the buyer is intitled to get the earnest moeny back, the Broker still needs the seller to sign a release form.

Answer 3

All lawyers should be shot.