Q: A realtor is refusing to sign the release of money in earnest a title company is holding after we decided not to buy.
The total dollar amount is $8,000.00.
My home inspector came back with a list of problems. I asked the buyer to remedy the problems or reduce the price, so I could take care of them. The owner claimed the home inspector was wrong and refused to correct the problems. I told him that I was no longer interested in purchasing the house. The owner came back saying he'd do everything I requested, but I already told him that I was no longer interested. At that point, the realtor said he would not sign the release of the money in earnest being held by the title company. The owner has since put the house back on the market even though the title company is still holding our money.
What steps should I take to have the title company release our funds?
Thank you!
A:
The Colo Real Estate Commission Form Contract requires the parties to initiate mediation to resolve disputes such as this.
You can call the Colorado Assoc of REALTORS and ask for a list of mediators from which you and the seller can select a mediator which is agreeable to both of you.
If the Seller is unwilling to cooperate you may need to get an attorney involved to assist you.
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