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A Miami Escrow Dispute Attorney Can Help You Resolve Your Conflict

While most real estate transactions successfully go to closing, every now and then something goes wrong and one of the parties refuses to complete the sale. Most of these disputes revolve around who is entitled to the earnest money deposit being held by the escrow agent. These disputes can range from mild inconveniences that are quickly resolved to major headaches that can become quite difficult to untangle. If you have found yourself engaged in an escrow dispute and are not sure what to do, an experienced escrow lawyer can help you get it resolved quickly and cost-effectively. 

Let an Attorney Review Your Contract 

When one party refuses to close for whatever reason, the best outcome is that the parties agree as to who should keep the earnest money deposit. Escrow disputes arise when the parties cannot agree as to who should keep the deposit. Without an agreement between the buyer and seller, the escrow agent typically refuses to release the funds to either party. As a result, the question then becomes how to get the dispute resolved so that the appropriate party can receive the funds.  

The short answer to the question is that the real estate contract should control how the dispute is resolved. Most realtors use a standard contract that includes a provision controlling how escrow disputes will be resolved. However, it is important to note that the process can differ depending on who you used as an escrow agent. Specifically, the dispute will be overseen by the Florida Real Estate Commission if you used a real estate broker as your escrow agent. An escrow dispute lawyer can review your contract and determine what steps must be taken in order to resolve the conflict. 

Your Options for Resolving the Escrow Dispute

As mentioned above, the best option for resolving the dispute is for both parties to come to an agreement. In fact, many contracts may actually require the parties to wait 10 days before proceeding and at least attempt to resolve the dispute. An attorney can advise you as to the strength of your position and help develop a persuasive argument as to why you are entitled to the deposit. If that fails, however, the potential options for resolving the dispute are as follows: 

  • The parties may agree to submit the matter to arbitration or mediation. In some cases, this may be required by the contract. 
  • You may hire an attorney to file a lawsuit referred to as an “interpleader action” where the escrow agent is ordered to pay the money into the court. The court will then hold a hearing and determine who should receive the funds. 
  • If you used a real estate broker as the escrow agent, the Florida Real Estate Commission may review the matter and issue an order determining who is entitled to the deposit. 

Again, the options available will depend upon your contract. An escrow lawyer can provide guidance and advice at every step of the dispute, including which options may be the most advantageous to you. 

Contact a South Florida Real Estate Attorney at Edelboim Lieberman Revah Today for Assistance with Your Escrow Dispute

If you are involved in an escrow dispute, we can help you move forward. Contact us online or call us at 855-670-1660 to schedule a free consultation. 

 

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