scottmindib
TUG Member
Hello everyone,
I just wanted to get my friends on the TUG boards opinions on a situation that I am now encountering. Please help with any advice you may have.
I recently listed my TS for sale and a buyer told me that he wanted to open escrow with First American in Nevada. We opened escrow and sent in our online documents and he paid his deposit of $500 to the escrow account. This was about 4 weeks ago now and since then I have had several interested parties that I had to turn away (Now I have lost out on them). Not only that but he made me remove my ad from Redweek ( I wanted to keep it up until everything was finalized just in case he backed out). Now today he called the company and said that he wants to back out for financial reasons and does not want my TS unit. First American contacted me and stated that he wanted to back out and I asked what I was entitled to as far as the deposit. They said that on the contract it states that I am entitled to 3% of the purchase price in damages since he is backing out. I agreed to this but the buyer will not agree to giving me anything. We have to both sign and send back the agreement of damages or no monies will be released out of the escrow account. They said if he does not sign the cancellation agreement that his funds of $500 will never be released and he will be charged a penalty of $25 every month until the entire escrow account is used up. He would not agree to the damages and he says that he is going to hold me and the escrow company accountable for pain and suffering with a lawyer. What would you all do in my case? Should I just give in or should I stand my ground? Thanks for your opinions
Scott
I just wanted to get my friends on the TUG boards opinions on a situation that I am now encountering. Please help with any advice you may have.
I recently listed my TS for sale and a buyer told me that he wanted to open escrow with First American in Nevada. We opened escrow and sent in our online documents and he paid his deposit of $500 to the escrow account. This was about 4 weeks ago now and since then I have had several interested parties that I had to turn away (Now I have lost out on them). Not only that but he made me remove my ad from Redweek ( I wanted to keep it up until everything was finalized just in case he backed out). Now today he called the company and said that he wants to back out for financial reasons and does not want my TS unit. First American contacted me and stated that he wanted to back out and I asked what I was entitled to as far as the deposit. They said that on the contract it states that I am entitled to 3% of the purchase price in damages since he is backing out. I agreed to this but the buyer will not agree to giving me anything. We have to both sign and send back the agreement of damages or no monies will be released out of the escrow account. They said if he does not sign the cancellation agreement that his funds of $500 will never be released and he will be charged a penalty of $25 every month until the entire escrow account is used up. He would not agree to the damages and he says that he is going to hold me and the escrow company accountable for pain and suffering with a lawyer. What would you all do in my case? Should I just give in or should I stand my ground? Thanks for your opinions
Scott