What is the name of your state (only U.S. law)? Texas
Iím in a tricky situation and hoping someone can advise me Ė Iím the Seller and we were scheduled to close on Sept 5th 2008. We finished all the repairs that were requested by the buyer as well got the house cleaned by their cleaning service. But the seller postponed the closing date to Sep 12th because of delays by the bank for the loan processing. We signed an Amendment on Sept 8th that clearly states if the Seller does not close then Earnest Money is released to Buyer.
But the Buyer had problems getting the loan and eventally their loan was not approved and they never closed. Now the title company (Land America Title) is refusing to release the earnest money until both parties mutually agree and both parties sign on the ďRelease of Earnest Money formĒ. The buyer has not signed this form. The buyer is placing a claim on the earnest money and refuses to release the earnest money.
What can I do now? I have spent a lot of money on the repairs and also lost potential buyers when I took it off the market. I donít understand why the title company is not releasing the earnest money since we signed the amendment? What would be the best way to proceed? We live in Texas.What is the name of your state (only U.S. law)?