Who Gets The Money?

In every real estate transaction, deposits are required to show the sincerity and strength of the buyer’s intent to purchase the property as well as to provide liquidated damages to the seller in case of default by the buyer. Sellers will sometimes eye these funds as potential money in their pockets and assume that the deposit will just be handed over to them if the buyer defaults. The reality of it is, that for the deposit to be turned over, the release has to be signed by both seller AND buyer. This release allows the real estate company to withdraw the money from the escrow account and distribute it appropriately. However, the chances of the buyer just signing over thousands of dollars without an argument are very slight. If both parties won’t agree to signing, most likely the process will end up in mediation or court. To avoid this situation, it is always best to find compromises that will help resolve any contractual disputes as amicably as possible. An experienced REALTOR® can be invaluable in helping the sale continue to move forward and avoid time-consuming and costly litigation. Give me a call if you're interested in buying or selling a home, 603-526-4116. I'd be happy to share my expertise. www.donnaforest.com

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