I am the listing agent on property that was scheduled to go to settlement early in June.

If so, how to go about getting it? Has the buyer been given a demand notice to go to settlement after the first settlement where there was a no-show?

For example, did the seller promised to make certain repairs but did not do so? You have to be absolutely sure that the buyer was in default. I suggest you consider getting higher deposits.

My originating office is in VA. I also have a DC firm license.

Is my firm required to have a separate escrow account in a DC bank? If I send all earnest money deposits to the title company, is my firm still required to have an escrow account? I know that some brokers take the position that for example if they deposit the earnest money deposit into a PNC bank in Virginia or Maryland, since PNC has a branch office in DC, that complies with the regulations.

I do not know if there have been any court cases on this issue, but to be on the safe side, I would make sure that you open an escrow account here in DC.

ABOUT EARNEST MONEY DEPOSITS in MD and VA - HIGH, LOW, and WHY.

However, if you give the deposit check to the settlement attorney or title company, and the contract specifically states in writing that the attorney or title company will hold the deposit, you are not the escrow agent and do not have to have such an escrow account.

A buyer defaulted on a contract by not closing on August 1.

This buyer told me that the condo documents would be reviewed in five days, but she had them for a month. What are the escrow laws in DC and what does a broker need to do to release these funds?

I only practice law in DC and Maryland, but I am fairly sure that the escrow laws are the same throughout the country. These laws are quite simple: Can the potential buyers or the agent terminate these contracts?

Do your clients want to buy the respective properties?

The release should state that the contract is terminated, and that the deposit is to be returned to the buyer. If the seller does not sign, you can consider the contract voided by the seller. The money in escrow cannot be released until either the seller agrees or a court orders its release.

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