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Infolawyer
Infolawyer, Attorney
Category: Business Law
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Experience:  Experienced lawyer
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We entered into a transaction to purchase a business and the

Customer Question

we entered into a transaction to purchase a business and the seller's lawyer was the escrow agent with whom we placed a large deposit. Ultimately the transaction did not close and we are now trying to get back our deposit. However the seller is counter suing us with his lawyer basically working on contingency. How can we change the escrow agent so there is no conflict of interest and also we have seen that the seller's lawyer had kept no records or kept the deposit in a proper escrow account, can we file a grievance complaint on that?
Submitted: 1 year ago.
Category: Business Law
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

How can we change the escrow agent so there is no conflict of interest

The easiest, best, ***** ***** to be granted way to handle this is to file a Motion to deposit Escrow Funds into Registry of Court. If granted then the lawyer will put the funds into an account maintained and controlled by the court.

we have seen that the seller's lawyer had kept no records or kept the deposit in a proper escrow account, can we file a grievance complaint on that?

Yes, you should be able to do so through the State Bar. You don't mention your state but every state has some form of Rules of Professional Conduct for their attorneys as well as strict rule regarding the trust accounts. YOu can file the grievance and then if the lawyer produces records, etc. the State Bar will just dismiss the complaint. However, you don't want to discuss this with anyone other than the State Bar since if it turns out you are incorrect it opens you up to liability for slander/libel, etc. Of course, if the State Bar makes a finding against the lawyer then that changes things and it can be used in court, etc.

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and no longer time out so you can come back to it anytime in the future if you think of any follow ups.