Escrow
Anyone know the laws regarding escrow companies and their rules and procedures. Do they have to close all dealings in a certain timeline per federal or state laws.
I had a very simple escrow in Arizona that was canceled on the 5th day due to inspection/repair issues.
After written notice to escrow of cancellation it has now been 15 days and they have not refunded my ernest money. The contract that serves as escrow instructions specifically calls for a release of ernest money after a cancellation of this type, without further written instruction by the parties.
The big joke is that the state banking department informed me that I would have to sue them to recover the funds.
I still think that the escrow company will release the funds but in their own sweet time. Meanwhile I have another deal I want to proceed on and I need the funds.
? Any suggestions on how I would be able to expedite this situation.
Vestor
Why not open escrow with the same company on the new deal...under the condition that the original funds go to new deal and they get to conduct closing...