Pearl Street Realty Group | Jay Pearl 317.348.3344 [email protected] 1529 N Alabama Street # M, Indianapolis, IN 46202 September 15, 2016 [redacted] Revdex.com 1151 N Delaware Street # 2020Indianapolis, IN 46204 Case ID #:...
[redacted] Dear Ms. [redacted], This is in response to a letter from your office dated 9/6/2016 regarding a complaint filed by [redacted]. Thank you for giving us the opportunity to address the complaint: • Pearl Street Realty Group represented the seller in this transaction. Mr. [redacted] was represented by his own real estate agent, [redacted] with [redacted]. In this transaction, our fiduciary responsibility was solely with the seller. • We feel strongly that the complaint from Mr. [redacted] was directed at the wrong party. Earnest money funds are held in our escrow account and are subject to the terms of the contract. Funds cannot be disbursed without both parties agreeing in writing to the distribution of the funds. We understand that this was a very difficult situation for the buyer, and Pearl Street Realty Group worked tirelessly to come to a resolution for both the buyer and seller. On September 12th, 2016, both parties agreed to a mutual release of the earnest money in question I could continue in great detail on the history of this transaction, but it would be irrelevant, as again, we feel that Mr. [redacted] directed his complaint against the wrong party. Pearl Street Realty Group acted in accordance with Indiana Real Estate Law as governed under the Indiana Real Estate Commission. We administered funds from our escrow account as directed under the terms of the Purchase Agreement and subsequent documentation. I am including the specific language from Section D, under the purchase agreement dated May 6, 2016: EARNEST MONEY: 1. Submission: Buyer submits $3200.00 as earnest money which shall be applied to the purchase price at closing. Unless indicated otherwise in this Agreement, the listing broker shall act as EscrowAgent and shall deposit Earnest Money received into its escrow account within two (2) banking days of acceptance of this Agreement and hold it until time of closing the transaction or termination of this Agreement. Earnest money shall be returned promptly to Buyer in the event this offer is not accepted. If Buyer fails for any reason to timely submit Earnest Money in the contracted amount, Seller may terminate this Agreement upon notice to Buyer prior to Escrow Agent's receipt of the Earnest Money. 2. Disbursement: Upon notification that Buyer or Seller intends not to perform, and if Escrow Agent is the Broker, then Broker holding the Earnest Money may release the Earnest Money as provided in this Agreement. If no provision is made in this Agreement, Broker may send to Buyer and Seller notice of the disbursement by certified mail of the intended payee of the Earnest Money as permitted in 876 IAC 8-2-2. If neither Buyer nor Seller enters into a mutual release or initiates litigation within sixty (60) days of the mailing date of the certified letter, Broker may release the Earnest Money to the party identified in the certified letter. If the Escrow Agent is the Broker, Broker shall be absolved from any responsibility to make payment to Seller or Buyer unless the parties enter into a Mutual Release or a Court issues an Order for payment, except as permitted in 876 IAC 8-2-2 (release of earnest money). Buyer and Seller agree to hold the Broker harmless from any liability, including attorney's fees and costs, for good faith disbursement of Earnest Money in accordance with this Agreement and licensing regulations. 3. Legal Remedies/Default : If this offer is accepted and Buyer fails or refuses to close the transaction, without legal cause, the earnest money shall be retained by Seller for damages Seller has or will incur. Seller retains all rights to seek other legal and equitable remedies, which may include specific performance and additional monetary damages. All parties have the legal duty to use good faith and due diligence in completing the terms and conditions of this Agreement. A material failure to perform any obligation under this Agreement is a default which may subject the defaulting party to liability for damages and/or other legal remedies, which, as stated above, may include specific performance and monetary damages in addition to loss of Earnest Money. As previously stated, on September 12, 2016 both parties agreed to and signed a mutual release allowing Pearl Street Realty Group to disburse funds held in escrow. The buyer received a check in the amount $2000.00, the seller received a check in the amount of $3200.00. The issue in question was agreed to in writing by both parties, and fully resolved. Under the terms of the contract, Pearl Street Realty Group shall be absolved from any responsibility to make payment to Seller or Buyer unless the parties enter into a Mutual Release or a Court issues an Order for payment, except as permitted in 876 IAC 8-2-2 (release of earnest money). Buyer and Seller agree to hold the Broker harmless from any liability, including attorney's fees and costs, for good faith disbursement of Earnest Money in accordance with this Agreement and licensing regulations. Based on statements made by Mr. [redacted] in his complaint, we feel compelled to state that Pearl Street Realty Group in no way maliciously or intentionally refused to release funds from escrow. As the administrator of the escrow account, we are held to the terms of the contract as outlined in Section D of the Purchase Agreement. After sixty (60) days, under the terms of the contract, Pearl Street Realty Group would have notified both parties of our intent to distribute outstanding earnest money. Fortunately, this issue was resolved prior to the sixty day timeline. We hope that this helps clear up any misunderstanding with the buyer and the Revdex.com. We pride ourselves on always doing what is right. We are deeply saddened that Mr. [redacted] took this course of action prior to allowing us to work through the details of the contract. Since this complaint was clearly misdirected, we respectfully ask that this complaint not show negatively against Pearl Street Realty Group and that the complaint be removed completely from the Revdex.com website and database. We very much appreciate the opportunity to explain our side of the case. Please do not hesitate to reach out to me directly at any time. Sincerely yours, Jay Pearl Jay Pearl Associate Broker | Realtor Pearl Street Realty Group Enclosure: - Purchase Agreement - Counter Offer 1 and 2 - Amendment - Mutual Release
Pearl Street Realty Group | Jay Pearl 317.348.3344 [email protected] 1529 N Alabama Street # M, Indianapolis, IN 46202 September 15, 2016 [redacted] Revdex.com 1151 N Delaware Street # 2020Indianapolis, IN 46204 Case ID #:...
[redacted] Dear Ms. [redacted], This is in response to a letter from your office dated 9/6/2016 regarding a complaint filed by [redacted]. Thank you for giving us the opportunity to address the complaint: • Pearl Street Realty Group represented the seller in this transaction. Mr. [redacted] was represented by his own real estate agent, [redacted] with [redacted]. In this transaction, our fiduciary responsibility was solely with the seller. • We feel strongly that the complaint from Mr. [redacted] was directed at the wrong party. Earnest money funds are held in our escrow account and are subject to the terms of the contract. Funds cannot be disbursed without both parties agreeing in writing to the distribution of the funds. We understand that this was a very difficult situation for the buyer, and Pearl Street Realty Group worked tirelessly to come to a resolution for both the buyer and seller. On September 12th, 2016, both parties agreed to a mutual release of the earnest money in question I could continue in great detail on the history of this transaction, but it would be irrelevant, as again, we feel that Mr. [redacted] directed his complaint against the wrong party. Pearl Street Realty Group acted in accordance with Indiana Real Estate Law as governed under the Indiana Real Estate Commission. We administered funds from our escrow account as directed under the terms of the Purchase Agreement and subsequent documentation. I am including the specific language from Section D, under the purchase agreement dated May 6, 2016: EARNEST MONEY: 1. Submission: Buyer submits $3200.00 as earnest money which shall be applied to the purchase price at closing. Unless indicated otherwise in this Agreement, the listing broker shall act as EscrowAgent and shall deposit Earnest Money received into its escrow account within two (2) banking days of acceptance of this Agreement and hold it until time of closing the transaction or termination of this Agreement. Earnest money shall be returned promptly to Buyer in the event this offer is not accepted. If Buyer fails for any reason to timely submit Earnest Money in the contracted amount, Seller may terminate this Agreement upon notice to Buyer prior to Escrow Agent's receipt of the Earnest Money. 2. Disbursement: Upon notification that Buyer or Seller intends not to perform, and if Escrow Agent is the Broker, then Broker holding the Earnest Money may release the Earnest Money as provided in this Agreement. If no provision is made in this Agreement, Broker may send to Buyer and Seller notice of the disbursement by certified mail of the intended payee of the Earnest Money as permitted in 876 IAC 8-2-2. If neither Buyer nor Seller enters into a mutual release or initiates litigation within sixty (60) days of the mailing date of the certified letter, Broker may release the Earnest Money to the party identified in the certified letter. If the Escrow Agent is the Broker, Broker shall be absolved from any responsibility to make payment to Seller or Buyer unless the parties enter into a Mutual Release or a Court issues an Order for payment, except as permitted in 876 IAC 8-2-2 (release of earnest money). Buyer and Seller agree to hold the Broker harmless from any liability, including attorney's fees and costs, for good faith disbursement of Earnest Money in accordance with this Agreement and licensing regulations. 3. Legal Remedies/Default : If this offer is accepted and Buyer fails or refuses to close the transaction, without legal cause, the earnest money shall be retained by Seller for damages Seller has or will incur. Seller retains all rights to seek other legal and equitable remedies, which may include specific performance and additional monetary damages. All parties have the legal duty to use good faith and due diligence in completing the terms and conditions of this Agreement. A material failure to perform any obligation under this Agreement is a default which may subject the defaulting party to liability for damages and/or other legal remedies, which, as stated above, may include specific performance and monetary damages in addition to loss of Earnest Money. As previously stated, on September 12, 2016 both parties agreed to and signed a mutual release allowing Pearl Street Realty Group to disburse funds held in escrow. The buyer received a check in the amount $2000.00, the seller received a check in the amount of $3200.00. The issue in question was agreed to in writing by both parties, and fully resolved. Under the terms of the contract, Pearl Street Realty Group shall be absolved from any responsibility to make payment to Seller or Buyer unless the parties enter into a Mutual Release or a Court issues an Order for payment, except as permitted in 876 IAC 8-2-2 (release of earnest money). Buyer and Seller agree to hold the Broker harmless from any liability, including attorney's fees and costs, for good faith disbursement of Earnest Money in accordance with this Agreement and licensing regulations. Based on statements made by Mr. [redacted] in his complaint, we feel compelled to state that Pearl Street Realty Group in no way maliciously or intentionally refused to release funds from escrow. As the administrator of the escrow account, we are held to the terms of the contract as outlined in Section D of the Purchase Agreement. After sixty (60) days, under the terms of the contract, Pearl Street Realty Group would have notified both parties of our intent to distribute outstanding earnest money. Fortunately, this issue was resolved prior to the sixty day timeline. We hope that this helps clear up any misunderstanding with the buyer and the Revdex.com. We pride ourselves on always doing what is right. We are deeply saddened that Mr. [redacted] took this course of action prior to allowing us to work through the details of the contract. Since this complaint was clearly misdirected, we respectfully ask that this complaint not show negatively against Pearl Street Realty Group and that the complaint be removed completely from the Revdex.com website and database. We very much appreciate the opportunity to explain our side of the case. Please do not hesitate to reach out to me directly at any time. Sincerely yours, Jay Pearl Jay Pearl Associate Broker | Realtor Pearl Street Realty Group Enclosure: - Purchase Agreement - Counter Offer 1 and 2 - Amendment - Mutual Release