How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29027
Experience:  30 years of real estate practice experience.
17897874
Type Your Real Estate Law Question Here...
Loren is online now
A new question is answered every 9 seconds

I put up earnest money and proceeded to get financing and an

Customer Question

I put up earnest money and proceeded to get financing and an inspection in a timely manner. The process took three weeks since my realtor was unable to get roof quotes over the 4th of July. The sellers agent was doing this as well.
In the end we could not agree on the price value for the contingencies. I submitted to terminate the contract. In response, the seller re listed the house but had not signed to
Release my funds.
They are keeping me from proceeding with another purchase and costing me tax dollars each pay period since I live in VT and want to move to NH.
What can I do to reclaim my funds and close the contract?
Lisa Caparella
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Loren replied 4 months ago.

Good morning Lisa. I am Loren, a licensed attorney, and I look forward to assisting you.

Was your termination within the time limits of the contingency? Does the seller claim the earnest money or are they just not responding?

Customer: replied 4 months ago.
I don't believe we specified a time but I responded right away after receiving there initial figure...I responded by offering a revised P&S.They are simply not signing the release and have had my formal end of contract for a week. And they have re listed the property so it is clear they have terminated the contract.My mortgage company will not proceed without a signed document by both parties and the check.Lisa
Expert:  Loren replied 4 months ago.

Thank you for the additional information. If the parties terminated the contract by agreement or the negotiation before there was binding contract then you are owed your earnest money deposit back.

If the seller is refusing to sign a required release then you will need to sue the seller for the refund of the deposit (or the escrow agent holding the money).

If the claim does not exceed $7500 then you can sue in NH small claims court. Small claims court is designed to be "user friendly" so that you can present a claim without an attorney. Also, it moves much more quickly than regular court. You can get the necessary forms to start from the clerk of the court.

Expert:  Loren replied 4 months ago.

I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.

Customer: replied 4 months ago.