QUESTION
Can they forfeit the escrow money since the time has expired stated on the contract?
Asked on Feb 25th, 2014 on Estate Planning - California
More details to this question:
When I purchased my house we held $4500 in escrow for c/o and electric underwriters. In the contract they had 180 days from August 26, 2013 which has expired on Saturday February 22, 2014. Now my lawyer says he talked to her lawyer and he has the paper work for the c-o dated January 9 2014. And they are still getting the electric work done when they can. My question is do they forfeit the escrow money since the time has expired?
8 ANSWERS
Edwin K. Niles
Can't review the contract in this forum.
Answered on Feb 27th, 2014 at 8:54 AM
Thomas Edward Gates
You can get your escrow money back and walk away from the deal since they breached the terms of the buy.
Answered on Feb 27th, 2014 at 8:54 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Your summary is a bit hard to follow. It sounds like the paperwork was signed in a timely manner, so there would be no right to declare a forfeiture on the agreement.
Answered on Feb 27th, 2014 at 8:54 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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The written terms of the escrow agreement control. Your lawyer can explain your rights to seek forfeiture of the escrow deposit, the procedure that must be followed and the costs involved.
Answered on Feb 27th, 2014 at 8:53 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Consult your lawyer for the answer to your question, since you are legally represented.
Answered on Feb 27th, 2014 at 8:53 AM
3 Awards
You need to review your contract and speak to your attorney.
Answered on Feb 27th, 2014 at 8:53 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You have a lawyer. Ask him.
Answered on Feb 27th, 2014 at 8:53 AM
2 Awards
Probably not but your lawyer is the best person to ask.
Answered on Feb 27th, 2014 at 8:52 AM