how do i get the deposit in and escrow when the buyer backs out of the reastate deal?

Answer 1

You don't. The money is only applied if the deal goes through.

Actually, the realtor or bank benefits from the interest, while your proprty is off of the market.

Answer 2

Your contract should state the contingency periods and when and why buyer's can back out. They're usually pretty clear who gets the deopsit in which situation. Your agent should be able to point out the sections in your contract regarding this,

Escrow will not release any funds without EVERY party agreeing to who gets what.

:)

Answer 3

first sexytrojan is wrong on all counts.

If you are selling the home, you have to sign to release the funds on deposit. Speak with your realtor about the reasons for the release and if you should seek to keep some or all of the funds. If you do not like their answer, speak to their boss, the broker of the company.

Without knowing your situation, it is hard to tell. Usually a compromise is reached as both parties need to sign off on the release.

Escrow is held in interest free accounts.

Answer 4

first of all, who is holding the deposit? is it your agent's company?

if the buyer defaults (that is, if he backs out for no reason), then the seller SHOULD get to keep the earnest money.

this matter will most likely have to be handled in probate court, if neither of you will agree to sign the release of funds to the other party.

if the buyer backed out due to one of his contingincies, such as "contingent upon financing", and the buyer couldn't get financing, then he recieves his earnest money back, in full, unless otherwise agreed to in writing in the contract.

if i were you and the buyer just totally defaulted because he "changed his mind" or something of that nature, i'd have my realtor send me a release of earnest money funds form (or whatever it is called in YOUR state) and then fill it out, with the full amount of the earnest money being returned to you, along w/your signature. then have your realtor send it to the buyer, or buyer's agent. if the buyer will not agree to this, you can offer to take a percentage of it. if you two parties cant come to an agreement on this, then it will most likely go to probate court.

i hope this helps, and be sure to check w/your realtor regarding state laws, etc.

good luck!

Answer 5

First find out the basis for the buyer backing out... Was it part of a contingency in the purchase contract agreement? and if he/she backed out for no good reason...then contact your listing agent and/or the holding escrow company and make a formal demand... hope that helps...