The earnest money to a transaction where a buyer defaulted on the contract five days prior to closing is in dispute. The buyer wants half of the earnest money and is willing to sign the release giving the other half to the seller. What is the ruling on whether the house can be relisted with another title company and sold?Demand Letter
I have heard that until the earnest money dispute is resolved, the house can't be relisted or sold. Yes, if the seller wants to avoid the risk of being sued. The answer appears in the Texas Association of Realtors TAR FocusMay 30,which states:.
Because of the potential risk of an adverse ruling by a judge concerning the seller's right to terminate the contract, title companies often refuse to open a second escrow file on a property where the first contract has not been formally terminated. There are two ways to formally terminate a contract: The seller's primary goal should be to have formal termination of the contract.
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That ensures he can put the property back on the market and sell it to someone else without the risk of a lawsuit that could stop a subsequent sale of the property.
In the Houston ChronicleMay 26,"Seller has 30 days to return earnest money" you answered a question that was not asked. Nobody cares about the Texas Statute regarding title companies. The question was, "How long does the seller have to sign the release. Please refer to paragraph 18D of the TREC earnest money contract.
How to Write a Demand Letter - Law Insider Blog
Occasionally the column title combines with an omitted element of our answer creating an apparently incorrect answer. Let's clear things up:. In the event the seller decides for whatever reason to not sign the Release of Earnest Money TAR the buyer may:. To send us a question visit www. Our answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties.
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How to Write a Demand Letter - Law Insider Blog
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