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Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 5767
Experience:  20 years professional experience
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I sold my home and the closing was yesterday. The money was

Customer Question

I sold my home and the closing was yesterday. The money was to be wire transferred today but it wasn't. The buyers refused to release it until I gave them a $300 credit for something. I agreed but they refused to allow a clause stating that the money would be released immediately. It is supposed to be wired tomorrow. I have already left and turned my home over and am supposed to be closing on another home but I do not have the money from my sale yet. What should I do?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.

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Have you spoken with the escrow agent and if so what do they say about when the money will be wired?

When is the closing on the new home for you?

Why did the buyer refuse to allow a clause stating the money would be released immediately?

What did the original escrow agreement say about when the money would be released?

Customer: replied 1 year ago.
I have only spoken to their lawyer and she keeps saying she was out of her office and that she got back too late. The only money in escrow is the deposit as far as I know. The money was supposed to be wired yesterday per the contract. My closing was supposed to be today and the buyers knew that. What they don't know is that the closing was pushed back 2 weeks. I have no idea why they made us remove the clause except that they are being deceptive and seem to be holding our money hostage. At the closing they tried to get concessions that we had refused previously but they signed the contract as it was written.
Expert:  Maverick replied 1 year ago.

If the money was to be wired today per the contract, then I would suggest that you immediately go see a local business litigation lawyer and spend about $250.00 to have him fire off a demand letter to both the escrow agent and the buyer informing them that if the funds are not released immediately, there is a good chance that it will interefere with your other closing and that they could be sued under a theroy of tortious interference with contract and become liable for your damages.

Under FL law, a party to a contract that has been breached may have a civil claim for tortious interference of contract if the following can be shown:

(1) A valid contract existed between the plaintiff and a third party;

(2) The defendant knew of the contract;

(3) The defendant took actions intended to induce a breach or disruption of the contract;

(4) There was no legal justification for the defendant’s actions, and;

(5) Damages resulted.

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