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We have a situation where $6,500 in a Holdback by the escrow…

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We have a situation where...
We have a situation where $6,500 in a Holdback by the escrow company was established that required that the Buyers must write a letter of release of the Holdback funds when particular work was completed. The work has been completed as certified by a 3rd party. The Buyers have determined that if they do not sign a release, and we do not formalize a legal challenge, the $6,500 goes to them at the end of the Holdback period. The Holdback specifies Buyer’s approval or a non-appealable mediation/arbitration or court order is required to have the Holdback funds delivered to us.Separately, the Buyers have threatened legal action regarding the total square footage of the home, wanting $24,600 returned to them as the price per square foot difference between City and County records. The Buyers did not have the home measured during the Inspection period as specified in the standard purchase contract.The standard purchase contract specifies the use of mediation/arbitration. It does allow for using Small Claims for up to $3,500. Small Claims in non-appealable. A counter-claim by the Buyer for more than $3,500 or by an attorney automatically moves it out of Small Claims court. We would take the $3,500 to avoid the cost and aggravation of trying to get the Buyers to agree to Mediation/Arbitration.What course of action for trying to retrieve some or all of the $6,500 does Just Ask recommend?
Submitted: 7 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
10/16/2017
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,641
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello again...

.

I was the expert who assisted with your previous question on this topic, so my recommendations wouldn't change... I will opt out and open the question to other experts to give you a second opinion.

.

.

thanks

Barrister

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Customer reply replied 7 months ago
My apologies for repeating the background. Learning how Just Ask operates. Really a follow-up question, but the follow-up button disappeared.What course of action for trying to retrieve some or all of the $6,500 does Just Ask recommend?
Real Estate Lawyer: Attyadvisor, Attorney replied 7 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,482
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified

I am an Arizona licensed Attorney. Did you still need this question answered?

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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