Initial Business Response /* (1000, 9, 2016/01/13) */
In regard to the compliant cas[redacted] the following is our explanation. We were given a real estate contract that was accompanied with earnest money for us to hold while the contract terms were worked on. This is common practice in our...
escrow operation. Some contracts given to us have a termination of the contract built into the language and others are more vague. We discussed the buyer's demand of the earnest money refund with the buyer who pointed out to us in the contract that "in the event such notice is provided by Buyer, Buyer's Earnest Money shall be refunded to Buyer and this contract terminates..." which to us meant the buyer had language that allowed them to terminate the contract and be refunded money that was applied as earnest money. This is always a tricky situation for any escrow company and we have to look at the terms listed in the contract. If we had felt this contract could not have been terminated by the buyer then we would have retained the earnest money until the parties agreed and if they couldn't come to an agreement we would have filed an Interpleader with the court system and deposited the money there and let the court decide how the contract language reads.
If the seller really has an issue with this his real complaint, it should be with the potential buyer and not just the escrow company.
We do have an email from the buyer which demands the release of the earnest money. I didn't know anything about a conversation where we assured the seller we still have their earnest money.
Initial Consumer Rebuttal /* (3000, 11, 2016/01/14) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We have ask Hogan for copies of all documentation associated with the release of the earnest monies and were told they could not produce, do to issues with thier image system. Now they are claiming to have an email. If all anyone needs to do, is send a "demanding" email to release earnest money, I again challenge Hogan's web site on best business practices, as they are not following their own stated procedures. And for the record, the stated contract language regarding contract terminology is standard, yet industry practice is for the Title Company to release earnest monies when a signature is provided by seller/buyer on said termination notice and not by "demanding emails". Additionally, stating Hogan was unaware of any conversation stating we were assured the money had note been released, please refer to an email sent by Kieth@hogan dated 9/9/2015
Rest assured our complaint is not limited to the Revdex.com but includes Hogan title, the broker/buyer and the Missouri Real Estate Commission as well.
Final Business Response /* (4000, 13, 2016/01/21) */
In Section 6 titled Feasibility Review in Addendum to the contract it states:
"If on or before the expiration of the Feasibility Period, Buyer determines, in Buyer's sole and absolute discretion, that the Property is unacceptable to Buyer for any reason, Buyer may, at its option, terminate the Contract by providing written notice of non-acceptance to Seller on or before the end of the Feasibility Period. In the event such notice is provided by Buyer, Buyer's Earnest Money shall be refunded to Buyer and this Contract shall terminate with no further obligation to Seller or Buyer."
Initial Business Response /* (1000, 9, 2016/01/13) */
In regard to the compliant cas[redacted] the following is our explanation. We were given a real estate contract that was accompanied with earnest money for us to hold while the contract terms were worked on. This is common practice in our...
escrow operation. Some contracts given to us have a termination of the contract built into the language and others are more vague. We discussed the buyer's demand of the earnest money refund with the buyer who pointed out to us in the contract that "in the event such notice is provided by Buyer, Buyer's Earnest Money shall be refunded to Buyer and this contract terminates..." which to us meant the buyer had language that allowed them to terminate the contract and be refunded money that was applied as earnest money. This is always a tricky situation for any escrow company and we have to look at the terms listed in the contract. If we had felt this contract could not have been terminated by the buyer then we would have retained the earnest money until the parties agreed and if they couldn't come to an agreement we would have filed an Interpleader with the court system and deposited the money there and let the court decide how the contract language reads.
If the seller really has an issue with this his real complaint, it should be with the potential buyer and not just the escrow company.
We do have an email from the buyer which demands the release of the earnest money. I didn't know anything about a conversation where we assured the seller we still have their earnest money.
Initial Consumer Rebuttal /* (3000, 11, 2016/01/14) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We have ask Hogan for copies of all documentation associated with the release of the earnest monies and were told they could not produce, do to issues with thier image system. Now they are claiming to have an email. If all anyone needs to do, is send a "demanding" email to release earnest money, I again challenge Hogan's web site on best business practices, as they are not following their own stated procedures. And for the record, the stated contract language regarding contract terminology is standard, yet industry practice is for the Title Company to release earnest monies when a signature is provided by seller/buyer on said termination notice and not by "demanding emails". Additionally, stating Hogan was unaware of any conversation stating we were assured the money had note been released, please refer to an email sent by Kieth@hogan dated 9/9/2015
Rest assured our complaint is not limited to the Revdex.com but includes Hogan title, the broker/buyer and the Missouri Real Estate Commission as well.
Final Business Response /* (4000, 13, 2016/01/21) */
In Section 6 titled Feasibility Review in Addendum to the contract it states:
"If on or before the expiration of the Feasibility Period, Buyer determines, in Buyer's sole and absolute discretion, that the Property is unacceptable to Buyer for any reason, Buyer may, at its option, terminate the Contract by providing written notice of non-acceptance to Seller on or before the end of the Feasibility Period. In the event such notice is provided by Buyer, Buyer's Earnest Money shall be refunded to Buyer and this Contract shall terminate with no further obligation to Seller or Buyer."