Asked in Real Estate Law for Colorado

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!

Related Topics:
1 Lawyer Answer
Donald C Eby
Donald C Eby
Answered
  • Colorado Springs, CO
  • Licensed in Colorado

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.