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I bought a business and had money in escrow but i had to…

Customer Question
I bought a business...

I bought a business and had money in escrow but i had to back out before closing do i get all my money back?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Ohio

Lawyer's Assistant: Has anything been filed or reported?

???

Submitted: 1 month ago.Category: Legal
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Answered in 1 minute by:
1/1/2018
Lawyer: Ray, Lawyer replied 1 month ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 45,223
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 1 month ago

It depends on the terms of the sales contract.If the funds were refundable you would get them back.If only part of them were refundable you get that part back.Check your contract to see what it states as far as escrowed funds.You would make a demand for them in writing if the contract says you get them back.It comes down to whether they state they were refundable.

I appreciate the chance to help you tonight.I wish you the best.

Thanks and thanks for rating 5s tars.

Happy New Year to you.

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Customer reply replied 1 month ago
The contract doesnt say
Customer reply replied 1 month ago
It doesnt say
Lawyer: Ray, Lawyer replied 1 month ago

Then I would send demand letter for return of your escrow.That means they have no contractual right to keep it here.You may have to sue them if they won't return it to you.

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Ray
Ray
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Category: Legal
Satisfied Customers: 45,223
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Experience: 30 years in civil, probate, real estate, elder law

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