If I have money I put forward for deposit on property held in escrow and the deal falls over, am I entitled to it and how quick must they pay me?
It depends upon the terms of your contract and the reason the deal fell through. If you put up earnest money and failed to qualify for a loan, chances are your funds will be retained by the seller as “liquidated damages”.
If for some reason the seller backed out you are probably entitled to a return of the funds. Get out your contract and READ IT! You really should ask these questions and know this information BEFORE you invest. Good luck.
I did put up 10% earnest money on 3 houses, 2 were vandalised/ gutted on inspection and the remaining one has no Seller Disclosure Statement with the contract as stated within nor has Financing clause been filled.
Is it an attourneys job to chase this money up or should the escrow agent return it by default
Thanks for your advice