Legal Question in Real Estate Law in Arizona
Business for sale
I have a business in escrow and the closing date has continued to move from the 1st of may to the 15th of may and now the buyer is asking for more time. what rights do I have to the escrow money? Is all the escrow money ours or is it split with the broker?
1 Answer from Attorneys
Re: Business for sale
If you agreed to extend the close date, then you have no rights to the money. If you don't agree to give another extension, then your rights to the money depend on the terms of the contract and reason why buyer has not performed. For example, may contacts have a "financing contingency" that states that if the buyer cannot get a loan, they they don't have to buy the property and they get their escrow money back.
Generally, the seller does not have to share the escrow money with the broker, but again, it depends on your contract with your broker.
Have your broker explain the contract terms to you or see an attorney.
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