Q: Cash for homes wholesaler failed to close on a contract. Do they not owe me the money in escrow when contract states so?
This is how the language used in the contract. I held up my end of the deal, they failed to find the Buyer and close
Buyer will pay 1000 to escrow agent as an earnest money deposit if the buyer fails to close for any reason other than the contingencies described in the agreement then the money will be forfeited to the sellers as full and liquidated damages.
A:
Ohio Revised Code §4735.24 requires the escrow agent to maintain the funds in escrow until it receives an executed agreement directing the funds to be disbursed, or a final judgment of a Court directing the funds to be disbursed.
If the buyer will not execute a release, then you will have to file a lawsuit. Given the amount you can file a small claims complaint in the Municipal Court near you.
Nicholas P. Weiss agrees with this answer
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