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I just sold my business 1 month ago, the closing agency hold my escrow fund for 30 days, after 30 days , the buyer wants to withhold my escrow fund, because he was not happy with the business i sold him. Does he have the right, what can I do to get my fund. Thank you
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Sounds a little unusual to me, but that doesn’t mean it is impossible. The answer comes down to the contracts that were signed as part of the sale. I’m assuming you didn’t have an attorney for this agreement, and I’d be interested if the buyer did. The closing agent acts on the authority that is given to them. This authority should be delineated in the contract. I would advise making an appointment with a business attorney ASAP, taking all of your closing documents and any correspondence with you. These type of situations can get pretty complicated, so, in my experience at least, you’ll be better going at it with an attorney than alone.
Answered on Jan 07th, 2014 at 3:01 PM