Posted by Frank Chin on May 19, 2007 at 04:54:11:
There’s several issues here:
- Is all of what you’re saying here stipulated in the contract.
- is the escrow held by an “escrow agent”.
Assuming that all of it is in the contract, and a “escrow agent” holds the funds, usually both parties must agree that the funds be returned to the seller before the seller gets issued a check.
I had buyer’s funds that I was entitled to once, and my attorney who’s also the escrow agent advised that he is NOT the arbiter of facts that was in dispute, and both the buyer and seller has to come to an agreement, and he has to receive authorization from both to be able to issue the funds. If not, the parties would have to get a decision from a court, and he will then abide by the decision of the court.
Apparently, it’s not a simple case of the seller calling the ecrow agent saying “xyz happened, so issue me a check”. Because the buyer could also say “xyz didn’t happen, and issue me the check”.