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Although Buyers and Sellers anticipate that all of the terms of their Florida "AS IS" Residential Contract for Sales and Purchase will be adhered to, what happens when the transaction goes sideways and one of the parties is in default? Is the transaction not going to close? What happens to the escrow deposit? What if one of the parties to the transaction attempts to exercise the force majeure clause? What if one of the parties claims that the other other party failed to meet timely deadlines or just simply refuses to close the closing date?
All of these are great questions and you may need qualified and experienced West Palm Beach Escrow Deposit Dispute Attorneys to help get back your escrow deposit if a title company, law firm or real estate agent/broker is holding your escrow monies hostage. Section 15 of the Florida "AS IS" Residential Contract for Sales and Purchase describes defaults for both the Buyer and the Seller along with the remedies (damages or specific performance) associated therewith.
If you have already throughly reviewed your Florida "AS IS" Residential Contract for Sales and Purchase and you believe the other party is in default, and all communications between the parties have exhausted including both parties not agreeing to sign-off on a cancellation and disbursement of escrow funds release, the next step is to look at how disputes are resolved in your Florida Residential Contract for Sales and Purchase.
According to the 2021 version (most recent update to the contract) of the Florida "AS IS" Residential Contract for Sales and Purchase, sections 16 and 17 state as follows:
The experienced and knowledgeable West Palm Beach Escrow Deposit Dispute Attorneys at the Law Office of Ryan S. Shipp, PLLC are here to help with all aspects of Florida Escrow Deposit Disputes and Earnest Money Deposit Disputes, Breach of Contract claims and Mediations, and Contract Litigation including lawsuits for Damages and Specific Performance that sometimes follow. Our offices serves clients Broward, Miami-Dade, and Palm Beach. Call the Law Office of Ryan S. Shipp, PLLC today at 561.699.0399 to set-up your consultation and learn more.
Our Office is located in Lantana, Florida. We serve South Florida.
