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#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?

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#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: 7858
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"

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#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.

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#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: 2271
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.

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

Registered: 01/27/07
Posts: 3184
Loc: LAND OF THE FREE!
You answered your own question. Def just just hope it till told otherwise

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