Century 21 New Millennium Realty

When a real estate sales contract is terminated, both the Buyer and Seller must agree how the earnest money deposit ( EMD) is disbursed. The real estate company holding the EMD deposit... as escrow agent by law can’t disburse any funds until both parties are in agreement. As is the case in real estate negotiations, changes are made in the contract, addendums to the contract, and notices to the contract, by strikeouts and new terms written in which are initialed by the party to the contract making the change. At that point the amended document is presented to the originating party for their acceptance via initials or rejected by not agreeing to the change. There is nothing fraudulent about this practice. Concerning the complaint regarding phone calls, we are unaware of any calls since the last communication stating that an impasse existed between the parties about the return of the EMD to Buyer or Seller. We had begun the process of interpleading the $1000 EMD deposit to the District Court for resolution when we were advised through the Seller’s real estate agent that the parties came to an agreement. We received a signed agreement where the funds were to be split between the Seller and Buyer . All funds have been disbursed and the matter should be considered resolved. Should any additional information be required please contact me. [redacted] Corporate Counsel, NM Management Inc. [redacted] Office [redacted] Cell [redacted]

When a real estate sales contract is terminated, both the Buyer and Seller must agree how the earnest money deposit ( EMD) is disbursed. The real estate company holding the EMD deposit...

as escrow agent by law can’t disburse any funds until both parties are in agreement. As is the case in real estate negotiations, changes are made in the contract, addendums to the contract,  and notices to the contract, by strikeouts and new terms written in which are initialed by the party to the contract making the change.  At that point the amended document is presented to the originating party for their acceptance via initials or rejected by not agreeing to the change. There is nothing fraudulent about this practice.
     Concerning the complaint regarding phone calls, we are unaware of any calls since the last communication stating that an impasse existed between the parties about the return of the EMD to Buyer or Seller. We had begun the process of interpleading the $1000 EMD deposit to the District Court for resolution when we were advised through the Seller’s real estate agent that the parties came to an agreement. We received a signed agreement where the funds were to be  split between the Seller and Buyer . All funds have been disbursed and the matter should be considered resolved.
     Should any additional information be required please contact me.
 
 
[redacted]
Corporate Counsel, NM Management Inc.
 
 
 [redacted]
Office       [redacted]
Cell            [redacted]

Review: During the process of trying to purchase a home, our loan was denied. We put an Ernest Money deposit of $1000 down at the beginning of the process. Our contract stated that if the loan was denied that the deposit would be returned to us in full. After finding out that the loan was in fact denied, our agent [redacted] of [redacted] sent us a certified letter to release the contract and in this letter it stated that we would get the earnest money returned to us. Once we sent the signed letter back to [redacted], we were sent an email telling us that in fact the seller of the house insisted on getting this deposit and as a result the money is no win escrow. At this time we also received an altered version of the contract that we had signed and the line stating return of funds to us was scratched out and changed to be awarded to the seller. Still having my signature of the document. This is fraud. The earnest money has always been ours and should have been released to us with out question. This has been nearly a year long process. The loan was denied on 3/27 (and the house re listed the same day) This is the date that the original release was signed by me. I have not initialed anything and will not. We have contacted the [redacted] office several times and no one will return our calls. We feel that we were lied to on several occasions. We feel that fraud has been committed during this process as well.Desired Settlement: We would like the Earnest money deposit of $1000 returned in full.

Business

Response:

When a real estate sales contract is terminated, both the Buyer and Seller must agree how the earnest money deposit ( EMD) is disbursed. The real estate company holding the EMD deposit as escrow agent by law can’t disburse any funds until both parties are in agreement. As is the case in real estate negotiations, changes are made in the contract, addendums to the contract, and notices to the contract, by strikeouts and new terms written in which are initialed by the party to the contract making the change. At that point the amended document is presented to the originating party for their acceptance via initials or rejected by not agreeing to the change. There is nothing fraudulent about this practice.

Concerning the complaint regarding phone calls, we are unaware of any calls since the last communication stating that an impasse existed between the parties about the return of the EMD to Buyer or Seller. We had begun the process of interpleading the $1000 EMD deposit to the District Court for resolution when we were advised through the Seller’s real estate agent that the parties came to an agreement. We received a signed agreement where the funds were to be split between the Seller and Buyer . All funds have been disbursed and the matter should be considered resolved.

Should any additional information be required please contact me.

Corporate Counsel, NM Management Inc.

[redacted]

Office [redacted]

Cell [redacted]