Escrow & Earnest Money Disputes
Los Angeles Real Estate Lawyer Jeffrey Williams is experienced in disputes revolving around escrow and earnest money disputes.
It is not uncommon for a variety of issues and disputes to arise during a typical commercial or residential real estate transaction which leaves the escrow funds (sometimes called: “earnest monies”) to be held hostage. If this is your current situation, it is time for a skilled Los Angeles Real Estate lawyer talented in negotiation, to make a “case” for you and present your case while being ready to threaten litigation to effect a quick settlement to resolve the issue.
Either buyer or sell may be entitled to recover ALL or PART of the buyer’s earnest money deposit depending on the circumstances surrounding the failure of the transaction and the terms of the purchase or lease contract. Real Estate Lawyer, Jeffrey Williams, will help his clients scrutinize the purchase or lease contract to determine whether there is an actionable breach of contract or an enforceable liquidated damages clause and fight vigorously for a positive outcome.
Earnest money in a commercial transaction can be 2%, 5%, or even 10% which can amount to significant cash. When real estate transactions have complications and fail to close escrow a key concern for all parties is the distribution or return of the buyer’s earnest money. Both parties often have a lot at stake and both parties often believe their “take” on the situation is the correct view. Frankly, the party with the lawyer on his or her side (or the more experienced lawyer) will often prevail or have the better outcome. There’s a lot at stake – shouldn’t you have a competent and skilled attorney representing you and your financial stake?
It is virtually impossible to resolve such issues without legal counsel. Why? California law and code of conduct insists that a licensed escrow agent may not release funds held in escrow without a written agreement signed by both parties, so it is necessary that an agreement be hammered out or the funds will simply sit there. Oftentimes the more proactive party will prevail in such situations.
When real estate transactions fall apart, it is best to have an experienced Real Estate Lawyer on your side. Contact Jeffrey Williams to schedule an appointment to review your earnest money or escrow issue.