QUESTION

What recourse do you have if an escrow company fails to give you your money from a sale upon closing.

Asked on Aug 02nd, 2015 on Real Estate - California
More details to this question:
We are selling a piece of property for cash. When we sign the deed what recourse do we have in California if we aren't paid right away.close
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1 ANSWER

Estate Litigation Attorney serving Redlands, CA at Price Law Firm, APC
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An escrow agent is a neutral third-party who is an agent of both the seller and the buyer. The escrow agent can only act with written instructions from both the seller and the buyer. In general, the escrow agent collects the deed from the seller and the money from the buyer and does not complete the transaction by recording the deed until all the conditions of the escrow are met. You will not be paid as soon as you sign the deed. You have to wait until the escrow closes and the deed is recorded for funds to be dispersed according to the escrow instructions. If after the escrow closes you do not get paid, then you may have recourse against the escrow agent.
Answered on Aug 29th, 2015 at 12:13 PM

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