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Old Today, 03:36 PM
 
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seller's attorney, buyer's attorney, listing broker, or buyer agent? Any customary rule in NJ?
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Old Today, 06:13 PM
 
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When I sold my house last year my attorney (seller's attorney) held the deposit. My buyers had a lawyer who turned out to be a huge PITA to deal with and he (buyer's attorney) initially stated he would hold the deposit in the contract but we balked at that. Should the buyers flake out, we wanted to ensure we had some form of recourse. Although the argument could be made in the reverse should we have pulled out of the deal. Eventually the seller will be the one to receive the funds from the deposit anyway.
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Old Today, 06:41 PM
 
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Escrow agent for seller's attorney.
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Old Today, 07:19 PM
 
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Quote:
Originally Posted by Cubicle Dweller View Post
When I sold my house last year my attorney (seller's attorney) held the deposit. My buyers had a lawyer who turned out to be a huge PITA to deal with and he (buyer's attorney) initially stated he would hold the deposit in the contract but we balked at that. Should the buyers flake out, we wanted to ensure we had some form of recourse. Although the argument could be made in the reverse should we have pulled out of the deal. Eventually the seller will be the one to receive the funds from the deposit anyway.

That is what I think too. Buyer's attorney has conflict of interest in holding the deposit if the buyer pulls out without any legitimate reason.
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Old Today, 07:46 PM
 
Location: Raleigh NC
4,803 posts, read 4,168,113 times
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Originally Posted by Autumn70 View Post
That is what I think too. Buyer's attorney has conflict of interest in holding the deposit if the buyer pulls out without any legitimate reason.
what does the contract in NJ say about the disposition of the deposit? If the buyer's attorney gave them the deposit against the contract, the attorney would be just as liable as your attorney would if they violated the contract in the disposition.

Ask your agent, and review your OTP document.
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