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I gave my realtor a check for an earnest money deposit that has not yet been cashed. I then decided to withdraw my offer on the property before my offer was accepted so the contract had not yet been signed by the seller. I have asked my realtor to return my earnest money deposit, but have not yet received it. Is there any way that my earnest money deposit can be kept or should I definitely get it back?
I gave my realtor a check for an earnest money deposit that has not yet been cashed. I then decided to withdraw my offer on the property before my offer was accepted so the contract had not yet been signed by the seller. I have asked my realtor to return my earnest money deposit, but have not yet received it. Is there any way that my earnest money deposit can be kept or should I definitely get it back?
You should get it back. Sometimes the check is given to an office admin to hold, and may be locked in a file over the weekend.
You can always stop payment on it if you have doubt.
Aside from it just being an annoyance, should I be worried though? I mean, technically they have no legal grounds to cash it, right?
That is a local rule.
I would not cash/deposit a check for EMD until the contract was executed.
If it was never signed, it should be a matter of handing the check back to you. Speaking from NC.
Again, you can stop payment, and if they cannot/will not give you the check tomorrow, that is the next thing I would do.
Are you actually worried about the money? The money can't be cashed. There is no contract to cash it against. Many times, I hold earnest money checks for the next house they submit an offer on. What is the reason you're so worried about it?
That is a local rule.
I would not cash/deposit a check for EMD until the contract was executed.
If it was never signed, it should be a matter of handing the check back to you. Speaking from NC.
Again, you can stop payment, and if they cannot/will not give you the check tomorrow, that is the next thing I would do.
Ok, I'll definitely follow up. The seller has already accepted another offer on the house, so I just wasn't too concerned about the check.
Quote:
Originally Posted by FalconheadWest
Are you actually worried about the money? The money can't be cashed. There is no contract to cash it against. Many times, I hold earnest money checks for the next house they submit an offer on. What is the reason you're so worried about it?
I just feel like it should be returned since I asked for it back.
I would call the realtor and ask if their office is holding the check or if it is held at a title agent.
Normally, in this type of situation most of my customers simply request the check be shredded rather than having it mailed back. I have done so with the customer's approval in the past. If it wasn't cashed/deposited by now, it is not likely it will be ever.
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