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#31007 - 12/05/06 09:40 PM "Outside of Escrow" deals
DueDiligence Offline
Veteran Member

Registered: 12/05/06
Posts: 1265
Loc: Wild Wild West
I'm new to this forum, glad I found it!

I'd like to know how to best handle outside of escrow deals, i.e., furniture, etc.

Agents routinely act as "go-betweens" in negotiations and agreements on the purchase of items outside of escrow between buyers and sellers presumably so that the parties don't get together and muddy the transaction waters. Because it is outside of escrow and the contract terms, and largely outside an agent's control, what is the best way to protect yourself in these transactions?

Our broker is clueless, and I think there's a big window of liability for the agent-- probably not legally, but in the event that there is a failure to pay, most brokers will elect to go ahead and pay the seller and deduct monies from the agent's commission.

Possession can't be denied to a buyer who has closed escrow and recorded but has failed to pay for the furniture as the agreement was outside of escrow. How then to ensure payment to the seller?

We had a situation recently where exactly that happened and sellers' agent tried to withold the keys from the buyer. We didn't let her do that. Luckily the buyer did remit payment the next day.

I don't believe agents can be held responsible for deals outside of escrow; but, I'd like a good way to handle these situations nonetheless.

TIA.

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#31008 - 12/07/06 08:49 AM Re: "Outside of Escrow" deals
Tanya Offline
Moderator

Registered: 04/03/06
Posts: 304
Loc: Jacksonville, FL
Refer them to an attorney to handle it. I use an attorney as closing agent & he is always willing to help with things like that for no or little extra charge
_________________________
Tanya Watson/Owner
Sellstate Performance Realty, Jacksonville, FL

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