Escrow Deposit Disputes

Escrow Deposit Disputes

Jordan + Pascale is a South Florida based law firm experienced in handling escrow deposit disputes. Its business attorneys and real estate lawyers have provided guidance and legal advice to clients in the Palm Beach, Miami, and Broward areas that have been essential to the resolution of numerous escrow disputes.

While disputes over escrow accounts can happen under various scenarios, residential and commercial real estate matters are the usual suspects behind these misunderstandings. Jordan + Pascale’s firm grasp of real estate law has benefited buyers and sellers into coming into an agreement. It has also successfully represented clients in litigation procedures.

For individuals and business entities in the South Florida area, Jordan + Pascale is the firm for you. Its skill and knowledge of the law is complemented by a personalized approach to every client. Its lawyers are known to listen, understand, and take action based on the client’s needs.

If you or your company are entering into a real estate sale or purchase, it would be in your best interest to gain Jordan + Pascale’s legal support as early in the process as possible to prevent any escrow deposit disputes. But if in case the situation finds you in a dispute at present, then you can be guaranteed of effective and aggressive representation in Jordan + Pascale.

Escrow Deposit Disputes

With Florida’s brisk real estate sales, it is common to find buyers and sellers in the middle of negotiating contracts and heading towards a closing. The sales contract will usually require an earnest money deposit that shows the buyer’s interest in purchasing the property while the closing details are being worked out. This earnest money is deposited in an escrow account or a trust account, and is applied to the total purchase price.

If the transaction pulls through, the earnest money can be released with the consent of both buyer and seller. If the sale does not happen, the seller can keep the earnest money if it shown that the buyer did not keep to the terms of the contract. Disputes happen when both seller and buyer claim entitlement. Either there was not an agreement in place, or the agreement was unclear on the release of the money under certain situations.

What Florida Law Says About Escrow Deposit Disputes

The Florida Statues and Administrative Rules provide procedures on how disputes should be handled. Meanwhile, the Florida Real Estate Commission (FREC) dictates the action of brokers with regards to escrow disputes.

Florida Statute requires the broker to return the escrow at the time dictated by the law. But if he or she doubts if the recipient is entitled to it, the broker should immediately notify the FREC. He or she is then given thirty business days to begin settlement procedures that will determine who the escrow deposit shall be released to.

Doing this without legal counsel is not only daunting; it puts a dent on an individual or company’s resources. That is why engaging Jordan + Pascale in dealings related to escrow deposits is a worthwhile strategy to consider.