Legal Question in Real Estate Law in North Carolina
Termination of Contract and Release of Deposit
We submitted through our real
estate agent a �Termination of
Contract and Release� form (390-T)
to the buyer�s agent weeks ago.
The seller has not returned the
termination form with their
signature, and our deposit has not
been released by the escrow
agent. Our agent has asked for
both multiple times, however
neither the seller nor the seller�s
agent responds. In the interim, the
property has been relisted. We
suspect the seller�s actions could
be punitive and our agent seems
perplexed. What is the seller's legal
obligation concerning the
termination of contract process?
Within how many days must a
seller respond to a properly
executed termination of contract?
When must the escrow agent
return the deposit?
1 Answer from Attorneys
Re: Termination of Contract and Release of Deposit
The escrow agent will not return the deposit unless they get signatures from both sides agreeing to the disbursement. You would need to consult with an attorney to see if you are entitled to receive your earnest money back (I don't know the facts as to why you terminated). Either way, if the seller does not agree to return the money, you will need to take them to court.
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