A fresh start can be exciting, especially when it comes to building a new home or renovating a current home. However, for homeowners inexperienced in working with contractors or design professionals, the undertaking of a major construction project can be a daunting task. The highest probability for success in a construction project relies upon the homeowner being educated in protecting themselves against any potential conflicts that may arise.
In this article are six important steps to take when hiring a contractor or design professional for a new build or renovation.
I often get calls from real estate agents regarding residential real estate deals that end in disputes. So the natural question I always get is, if the Seller refuses to return the deposit, how do I recover my client’s deposit?
Usually the call comes after the Seller refuses to sign a Cancellation of Contract arguing that the Buyer did not provide an adequate reason for termination or defaulted in some other way. Also note that when money is held by title companies, or other third parties acting as escrow agent, those parties can not release the deposit to the Buyer without a court order or signed release. In many cases the title company will instead transfer the deposit to the county court by filing an interpleader action, thus costing more fees and costs.
My initial answer is that there is no immediate solution. There isn’t much a real estate agent can do at this point. The Buyer and Seller need to resolve their legal dispute, either on their own or with the help of lawyers. Continue reading →