The escrow agent will receive reimbursement for attorney’s fees that are accrued during the filing of the interpleader action. If the dispute cannot be settled through mediation, your escrow agent will file an interpleader action to be removed from the dispute and your funds will be deposited in the registry of a court. You can, and in some states you are required to, enter into mediation or arbitration before taking legal action when escrow funds are in debate. Letting your agent know promptly of the dispute will help stop the funds from being disbursed. REALTOR® Magazine urges homebuyers to confirm that the home purchase contract describes the duties of your escrow agent because “When the parties cannot come to an agreement as to the release of escrow, and they make conflicting demands for the funds, the escrow agent will generally not be able to release the funds to either party.”įurthermore, the article suggests contacting your escrow agent immediately if the seller attempts to make a claim on the escrow funds that you don’t agree with. What if the seller doesn’t agree to give me my earnest money back? You don’t meet the deadlines listed in the contract for inspections and appraisals.You might not get your earnest money back if: The home appraises below its sale price.You can expect your earnest money back if: If you back out of the contract for an approved contingency, you will get your earnest money back. There are certain contingencies covered in most real estate contracts protecting the buyer. It depends on why you are backing out of the deal. What if I decide not to buy, will I get my earnest money back? Closing the escrow account and dispersing the funds.Preparing and recording the deed and other documents related to the escrow.Ensuring the contingencies listed in the contract are met.Requesting a statement from the seller listing all debt the buyer will take on with the purchase.When it comes to closings, an escrow agent serves as a neutral third party and is responsible for a variety of tasks including:
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