We decided to not purchase the hosue we are currently in enscrow with, Can i can cancel the dep check ? We are with/in out inspection contingencies and found too much wrong with the property. If I allow the escrow company to cash the deposit check, how long will it take to get it back. Can i just cancel the check ?
2007-07-05 04:17:43 · 2 answers · asked by raclawski04@ameritech.net 1 in Business & Finance ➔ Renting & Real Estate
We are with/in out inspection contingencies and found too much wrong with the property.
That is enough to cancel the contract.
Your deposit check should be returned to you.
The escrow co. would not cash your check until "Closing", which is moot.
Stopping payment will cost you a fee by the bank.
2007-07-05 04:29:37 · answer #1 · answered by ed 7 · 0⤊ 0⤋
Maybe it's done differently in different states. In Texas, that check would be cashed by the escrow agent as soon as they get it. To get your money back, both the buyer and seller must sign a release form instructing the escrow agent who to give the money to. Check to see if your check has cleared your bank yet, and most importantly, ask your Realtor what steps are needed to cancel the contract.
2007-07-05 14:42:15 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋