Q: How long can the listing Real Estate Agent hold your Earnest money deposit? Mediation request refused by her boss.
Listing agent contacted me said she knew someone that could help with a loan. I did not feel comfortable when she asked me how many points I was willing to pay. Listing agent works for the seller, not for my benefit. I forwarded lender denial letter on September 26, 2017. She advised she did want to mediate. Initially, I did not mind. After thinking about it, I asked why do we need mediation? I informed all parties same day as I found out about denial.
A:
The answer to the question should be found in the contract that you signed.
A "typical" Maryland board of realtors contract often specifies that both parties need to sign off on a release before the broker can release the earnest money deposit. Unfortunately if the contract requires both signatures to release and one party refuses to sign the contract may provide that the next step is mediation.
While I hope this answer helps it is not intended to offer legal advice tailored to your specific situation.
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