Complaint Review: JASON M. COX - EAST COAST REO - NCREO.COM

Please provide the address of the property you are stating your Earnest Money Deposit was held on.

Pursuant to North Carolina Real Estate Law, the holding and release of escrow deposits is regulated. One such regulation is that the seller and buyer must both agree, in writing, to the release and release terms of the earnest money.
The earnest money holder (such as the listing real estate agency) legally CANNOT release the earnest money without both parties approval.
Doing so is a violation of state law and can result in suspension of the agency's license.

The alternative, if the two parties cannot agree on distribution of the earnest money, is to have judge of acceptable jurisdiction who may hear the case and require the release at their specified terms, in which case the agency holding the earnest money follows the opinion given by the courts.

Essentially, the agency holding the earnest money is an impartial third party who legally cannot do anything but hold in a trust account until resolved.

Also - Many banks counter addendums do provide for automatic release of earnest money upon a buyer's failure to satisfy specific terms or deadlines in the contract. This is specific to each particular client addendum and is a reason why buyers (and buyer agents) should thoroughly read any addendums signed.

Please provide the address of the property you are stating your Earnest Money Deposit was held on.

Pursuant to North Carolina Real Estate Law, the holding and release of escrow deposits is regulated. One such regulation is that the seller and buyer must both agree, in writing, to the release and release terms of the earnest money.
The earnest money holder (such as the listing real estate agency) legally CANNOT release the earnest money without both parties approval.
Doing so is a violation of state law and can result in suspension of the agency's license.

The alternative, if the two parties cannot agree on distribution of the earnest money, is to have judge of acceptable jurisdiction who may hear the case and require the release at their specified terms, in which case the agency holding the earnest money follows the opinion given by the courts.

Essentially, the agency holding the earnest money is an impartial third party who legally cannot do anything but hold in a trust account until resolved.

Also - Many banks counter addendums do provide for automatic release of earnest money upon a buyer's failure to satisfy specific terms or deadlines in the contract. This is specific to each particular client addendum and is a reason why buyers (and buyer agents) should thoroughly read any addendums signed.

Please provide the address of the property you are stating your Earnest Money Deposit was held on.

Pursuant to North Carolina Real Estate Law, the holding and release of escrow deposits is regulated. One such regulation is that the seller and buyer must both agree, in writing, to the release and release terms of the earnest money.
The earnest money holder (such as the listing real estate agency) legally CANNOT release the earnest money without both parties approval.
Doing so is a violation of state law and can result in suspension of the agency's license.

The alternative, if the two parties cannot agree on distribution of the earnest money, is to have judge of acceptable jurisdiction who may hear the case and require the release at their specified terms, in which case the agency holding the earnest money follows the opinion given by the courts.

Essentially, the agency holding the earnest money is an impartial third party who legally cannot do anything but hold in a trust account until resolved.

Also - Many banks counter addendums do provide for automatic release of earnest money upon a buyer's failure to satisfy specific terms or deadlines in the contract. This is specific to each particular client addendum and is a reason why buyers (and buyer agents) should thoroughly read any addendums signed.

Please provide the address of the property you are stating your Earnest Money Deposit was held on.

Pursuant to North Carolina Real Estate Law, the holding and release of escrow deposits is regulated. One such regulation is that the seller and buyer must both agree, in writing, to the release and release terms of the earnest money.
The earnest money holder (such as the listing real estate agency) legally CANNOT release the earnest money without both parties approval.
Doing so is a violation of state law and can result in suspension of the agency's license.

The alternative, if the two parties cannot agree on distribution of the earnest money, is to have judge of acceptable jurisdiction who may hear the case and require the release at their specified terms, in which case the agency holding the earnest money follows the opinion given by the courts.

Essentially, the agency holding the earnest money is an impartial third party who legally cannot do anything but hold in a trust account until resolved.

Also - Many banks counter addendums do provide for automatic release of earnest money upon a buyer's failure to satisfy specific terms or deadlines in the contract. This is specific to each particular client addendum and is a reason why buyers (and buyer agents) should thoroughly read any addendums signed.