Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28271773
No new orders today 13101892
Stupid MLS comments. 3276754
What do you know about Froy Candelario, top agent in USA 1189511
Stupid QC comments and BPO requirements. 1061209
New HUD Listing Brokers---Any Update? 1028238
Is there religious content in Buffini class? 822772
Let's talk about our cars 671058
Name that Flick. Great movie Lines. 602727
Pay it Forward - BPO/REO Tips & Tricks I & II 592448
Most common items found at an REO 576063
EML 459232
REOTRANS 440753
Main Street 419467
asset val seminar in colorado 407199
assist 2 sell or 1 percent realty? 340451
HOMONYMS - There, Their, and They're 306799
Evalonline 300191
Land America 285052
Mainstreet 261859
Matched Content
Topic Options
Rate This Topic
#454913 - 10/11/16 06:47 AM Earnest Deposit - fight between buyer and seller
Valerie H Offline
Junior Member

Registered: 08/31/14
Posts: 8
Loc: St. Croix, USVI
I am holding earnest deposit money and the buyer and seller were fighting over it. I was told by my attorney to never release it to either party without a mutual rescission form signed by both parties. If they want to sue either other, let them, but I could be sued for legally interpreting who it should go to. Both parties have now walked away from the transaction. What do I do with the funds? I know I need to hold them, but for how long?

Any suggestions?

Top
Advertisements
#454915 - 10/11/16 07:18 AM Re: Earnest Deposit - fight between buyer and seller [Re: Valerie H]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
I'd consult once again with my own Attorney, and have him prepare a Release that's consistent with the Laws, Rules and Regulations in the Virgin Islands.

I don't even know whose rules your regulations are modeled on.

Which Party gets the Funds probably depends upon whether either of them breached the Contract . . . . but no one here is qualified to clearly answer your question unless they're a Member of the Bar in the U.S. Virgin Islands.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#454916 - 10/11/16 07:24 AM Re: Earnest Deposit - fight between buyer and seller [Re: Valerie H]
davidonpda Offline
Junior Member

Registered: 09/08/16
Posts: 5
Loc: Utah
Are you the broker, or do you work for a broker?

I know nothing about real estate in the Virgin Islands. If you have a broker you work with, contact them immediately and have them help you out.

In Utah, earnest money has several protection periods, and who the money belongs to most of the time is very simple. However, without knowing more details, either consult your broker, and if you are the broker, I would consult with your real estate commission and an attorney to review the specific situation.

Top
#454925 - 10/12/16 01:18 AM Re: Earnest Deposit - fight between buyer and seller [Re: Valerie H]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
Your attorney said to never release without both parties consent, so leavr it in your trust account until both parties agree or a judge tells you different.

when in doubt, do what your attorney says
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

Top
#455800 - 12/09/16 01:07 AM Re: Earnest Deposit - fight between buyer and seller [Re: Valerie H]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
You answered your own question. Def just just hope it till told otherwise

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
PMacpherson, Non GMO CRE, Reguru1, Shaun225, Dr.Brim
29797 Registered Users
Who's Online
4 registered (Long Walk, sualk54, 2 invisible), 54 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Long Walk 73
Vermont 39
Trouble 15
estatereal 15
Flare616 13
Snapple 12
Logan Five 11
RonnieEmz 10
waka 9
Analog Man 9
Lucky Leonardo 9
TheTexasGal 8
Flammable 8
gitmonee 7
CRSmith 5
Featured Member
Registered: 09/13/17
Posts: 5
Facebook

How To Advertise Here


This site presented by RNC Internet Services