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| Frequently Asked Questions | |||||
What if the transaction isn't completed? Is my deposit refundable? Who pays the fees?When a transaction fails to close, a cancellation agreement must be reached between parties. This cancellation agreement must be put in the form of a written instruction, just as your contract was. Since the deposit is part of the escrow contract, both the buyer and the seller must mutually agree to its disposition. Instructions for the disposition if this deposit should include, among other things, provisions for the payment of charges incurred during the escrow. This would include fees and costs incurred by the escow holder and charges such as loan processing and title insurance fees as specified in the escrow instructions.
For related topic see cancellation.
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