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 Housing Counsel: Escrow Agent Cannot Unilaterally Release Fund
12-06-2006
I am a real estate agent and need some advice. A couple of years ago, I represented a buyer who went to settlement. However, certain repairs which the seller had agreed to do were not completed by the settlement date, so $7,500 was held in escrow by the title attorney. I sent several faxes and e-mails to seller's broker (the listing agent) requesting that the repairs either be promptly completed or that the escrow funds be released to the buyer. I finally received a message that "according to information received by the listing office, the seller had passed away." I relayed this information by letter to the settlement company. I received no answer. Recently, the purchaser located the seller's address and telephone number and discovered that the seller is alive and doing well. In this case the listing office appeared to have misrepresented the truth. Where should we go from here?
Answer: This is, indeed, a bizarre situation. Without casting any blame on anyone at this point in time, I suggest that you advise the title attorney that you have located the seller, and demand that the attorney follow up on this. While technically, it may be considered unethical for you to contact the seller directly, since you were the selling agent, there is nothing to stop the attorney from making the call.
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