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When is a real estate contract a binding contract?
When both parties sign the buy sell agreement and earnest money is in escrow.
When closing a real estate deal what will the real estate broker do with the deposit?
The earnest money deposit is held in an escrow account until the closing takes place. At closing the earnest money is either credited to your side to add to your down payment or it can be credited back to you in the form of a check. If your deal does not close there are different rules in each state as to how the earnest money will be handled.
What is escrow account?
An escrow account is an account controlled by someone who is not a party to the transaction (often a broker in a real estate transaction or one party's attorney in a business transaction) for holding funds on behalf of the parties until the consummation or termination of a transaction or the happening of some specifically identified event.
Should you give your earnest deposit money to the title co?
An earnest money deposit is a good faith deposit that a buyer puts forth to secure the contract and to illustrate to the seller the seriousness of their investment. The following are some guidelines as to how/who a buyer should facilitate their earnest deposit to:Never give an earnest money deposit to the seller.Make the deposit payable to a reputable third party such as a well known real estate brokerage, legal firm, escrow company or title company.Verify that the third party will deposit the funds into a separately maintained trust account.Obtain a receipt.It is unadvisable to authorize a release of your earnest money (or a pass-through) until your transaction closes.
How do you collect your earnest money from a seller who claims he doesn't have it after the deal falls through and do you have any recourse?
Depends on the state and the terms of the purchase agreement. Hire an attorney and sue, if it makes sense in your situation. If not, in the future, use a realtor or attorney as the escrow agent. The risk is minimized since either would not be willing to lose their license over such things.
Where does escrow money come from?
best described by :- http://en.wikipedia.org/wiki/Escrow
In 1982 Congress established the to handle claims against the us for money damages?
U.S. Court of Federal Claims
What court hears a case that often ends in congress appropriating money to the plaintiff?
The Court of Federal Claims
Can i sue a person from another state who owes me money in small claims court?
Yes, you can sue a person from another state if that person owes you money. Access your local small claims court to file the lawsuit.
Is the us claims court handles cases in which the government owes businesses money a true statement?
Partially. It is the court which hears all claims by ANYBODY, against the government.
How much can you sue for in indiana small claims court?
In Indiana, you can sue for up to $6,000 in small claims court. The purpose of small claims court is to provide a simple and inexpensive way to resolve disputes involving smaller amounts of money.
Must the person who takes a rent abatement put the abated rent in escrow?
Yes, you must place it with the clerk of the county you reside in. The reason for placing the rent in an escrow account is to alert the court to a bad landlord. The clerk has a duty to notify the landlord of the rent-escrow and the steps needed to collect the money. Failure to comply with the terms of the escrow is grounds for a renter to quit their lease, demand a refund of the escrow, and security deposit!
