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What is escrow? Thousands and thousands of dollars are exchanged during a real estate transaction. Numerous documents need to be maintained and protected during the closing process. As so much money is exchanged during the real estate sale and purchase process, both the buyer and the seller often use a neutral third party, like an escrow agent or an attorney, to hold earnest money and other deposits. Rather than exchanging money and title directly, both the buyer and seller will exchange money and title through an escrow agent. This “middleman approach” effectuates a simultaneous exchange of money to the seller and title to the property to the buyer.
Escrow is opened when the seller agrees to a buyer’s offer and the buyer signs a purchase contract. The buyer will then send the earnest money deposit to the escrow agent who will hold the earnest money in escrow pending the closing. Escrow disputes often arise prior to closing for numerous reasons. This can result in escrow money being “frozen” meaning the money will not be disbursed until the parties, an arbitrator or court determines the monetary disbursement.
If you are facing a disagreement concerning monies held escrow, the escrow dispute lawyer at Legal Counsel, P.A. in Orlando, Florida may be able to help you. The escrow process is one where both the seller and the buyer must meet specific obligations before a sale can take place. These obligations and timelines for meeting these obligations will be outlined in the real estate sales contract. During any part of the escrow process, disagreements between the seller and the buyer can arise. Sometimes this is because of a disagreement about a term in the contract or because either the buyer or seller failed to meet their deadlines as stipulated in the contract. In some cases, these issues can be resolved outside of court. However, sometimes disagreements must be resolved with the assistance of an escrow dispute lawyer. An escrow dispute attorney in Orlando acts as a neutral third party to handle the exchange of funds and other vital real estate documents. An escrow dispute lawyer in Orlando, Florida can represent you if you are in dispute about how escrow monies should be disbursed. An escrow dispute lawyer represents one party, while an escrow agent is a neutral party.
An escrow dispute lawyer can help you reach an agreement that can release money or title from escrow. Once an agreement is reached, the escrow agent will release the funds and transfer the necessary documents, if applicable. If disputes arise, Legal Counsel, P.A. employs an escrow dispute attorney in Orlando, Florida who can either assist you in resolving the issue through mediation or litigation.
Real estate transactions involve many crucial steps form the initial offer, all the way to the official closing date. Whether you’re a buyer or a seller of real estate, it’s crucial that you have a real estate attorney in Orlando to assist you with this complicated process. Legal Counsel P.A. employs a real estate lawyer who can discuss your real estate, title insurance, and escrow needs in Orlando today. Have questions? We have answers. Contact Legal Counsel, PA today at 407-982-4321.
Types of Escrow Disputes That Can Arise in Orlando, Florida
Escrow disputes can occur when both parties involved in a real estate transaction claim that they have the right to the earnest money held in escrow. This may occur because an inspection was not satisfactory, or when the buyer, upon receiving the seller’s disclosures, is not satisfied with what appears in the disclosure statement. Most real estate contracts contain provisions that allow the buyer to terminate a real estate contract if an inspection is not satisfactory, if the buyer does not obtain financing, if disclosures are not satisfactory, or if an appraisal to the property comes in lower than the negotiated sale price.
An escrow dispute can also occur if the buyer fails to meet his or her contractual obligations. For example, a buyer might fail to meet his or her obligations by pulling out of the deal after a contingency deadline have passed or by failing to take necessary steps to obtain financing. If there is a dispute about who should receive the earnest money, the escrow agent may have to wait until the dispute is resolved before the money is released. In some cases, the dispute can be resolved through mediation, while sometimes litigation may be required. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Legal Help with Escrow Disputes in Orlando, Florida
Escrow disputes usually arise because of one of several reasons. Either the buyer or Seller may want to terminate their contract or either the buyer or seller failed to meet their obligations or contingencies described in the real estate contract. In some cases, real estate contracts provide provisions where sellers or buyers can exit the contract by certain deadlines or if certain contingencies in the contract are not met. However, if there is an escrow dispute, Legal Counsel, P.A. employs an escrow dispute lawyer in Orlando, Florida who can review the sales contract, timelines, and other matters to determine what the best course of action might be.
If you are facing an escrow dispute, consider speaking to Legal Counsel, P.A. a law firm employing an escrow dispute lawyer in Orlando, Florida today. Whether you are a buyer or seller of real estate, our lawyer can help you understand your rights and fight for you. Escrow disputes can be challenging to the buyer and seller. For the seller, they may not be able to put the property back on the market until the contract and escrow dispute is resolved. For the buyer, this means they will not receive their earnest money back from the escrow agent. Resolving these disputes in a timely manner is usually beneficial for both parties. Legal Counsel, P.A. employs an escrow dispute lawyer in Orlando, Florida who may be able to help you. Have questions? We have answers. Contact Legal Counsel, P.A.today at 407-982-4321.