Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.
If the buyer defaults in Florida under the sales contract, generally the seller has three alternative remedies:
However, the general practice is that the buyer will put up some agreed upon percentage of the sales price as this deposit.
In the event of a default, the seller has the right to keep this deposit, and put the house back on the market and resell it. However, the person holding this deposit is called the “escrow agent”. This agent does not have the unilateral right to release the deposit – to either buyer or seller – unless there is a written statement from both buyer and seller authorizing the release or – if the matter has to go to Court -- a court settlement agreement or a Court order.
I appreciate the chance to help you tonight.Thanks again.
If you can positive rate 5 stars it is much appreciated.