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Earnest Money Dispute...

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ifsconnie

Junior Member
Anyone have a specialty in NC real estate law? My hubby and I tried to purchase a property in NC back in APRIL! Closing was set for June 10th, then delayed by us til June 17th. Then, we were informed by the HOA that a special letter was required (according to their Declarations filed at the courthouse) to be sent by the seller to the HOA. The Declarations also stated the sale was voidable if the sellers didn't send the letter, so he advised us not to close yet. BUT the seller's attorney and realtor continued to delay sending the letter. So FINALLY mid-August, we gave up and we terminated the contract, unilaterally, as we, the non-delaying party, were entitled to according to Paragraph 18 of our purchase contract. We don't know if the seller (an older woman) has ANY knowledge of why the sale didn't go through (who would tell their client they're not doing their job!?!) Our problem: the seller will not release our earnest money and no one will return our phone calls to even get this resolved...What do we do now!?!

We've tried:
1. Calling their attorney -- won't return calls.
2. Realtor going to their attorney's office -- "She's out of the office."

We've CONSIDERING doing one or more of the following:
1. Going to talk to the seller in person
2. Writing a personal letter to the seller, letting her know what all happened "in case she was mis-informed" and warn her we intend to take this before a judge if she doesn't do the right thing and honor the contract.
3. Having the clerk handle the earnest money, in accordance with that NC Statute passed 2 yrs ago. But we're also entitled to "delayed closing" interest money and don't think the clerk will grant that, even though the contract is clear as day!
4. Small Claims court, but don't know if the legal fees would be included in the amount which would put us over and above the $5,000 limit.

Thanks SO much for any help you can give us!
 


HomeGuru

Senior Member
Anyone have a specialty in NC real estate law? My hubby and I tried to purchase a property in NC back in APRIL! Closing was set for June 10th, then delayed by us til June 17th. Then, we were informed by the HOA that a special letter was required (according to their Declarations filed at the courthouse) to be sent by the seller to the HOA. The Declarations also stated the sale was voidable if the sellers didn't send the letter, so he advised us not to close yet. BUT the seller's attorney and realtor continued to delay sending the letter. So FINALLY mid-August, we gave up and we terminated the contract, unilaterally, as we, the non-delaying party, were entitled to according to Paragraph 18 of our purchase contract. We don't know if the seller (an older woman) has ANY knowledge of why the sale didn't go through (who would tell their client they're not doing their job!?!) Our problem: the seller will not release our earnest money and no one will return our phone calls to even get this resolved...What do we do now!?!

We've tried:
1. Calling their attorney -- won't return calls.
2. Realtor going to their attorney's office -- "She's out of the office."

We've CONSIDERING doing one or more of the following:
1. Going to talk to the seller in person
2. Writing a personal letter to the seller, letting her know what all happened "in case she was mis-informed" and warn her we intend to take this before a judge if she doesn't do the right thing and honor the contract.
3. Having the clerk handle the earnest money, in accordance with that NC Statute passed 2 yrs ago. But we're also entitled to "delayed closing" interest money and don't think the clerk will grant that, even though the contract is clear as day!
4. Small Claims court, but don't know if the legal fees would be included in the amount which would put us over and above the $5,000 limit.

Thanks SO much for any help you can give us!
**A: you need to hire your own attorney.
 

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