What are the broker’s responsibilities when faced with conflicting demands for escrow deposits?
What will be an ideal response?
In most states, there are statutes in place that outline the steps to be taken by a broker in the event of such a dispute. Often, the state real estate commission or other applicable governmental authority must be notified of the dispute. State statutes may call for mandatory mediation or arbitration within a specified time period from the date the broker notifies the appropriate governmental authority of the dispute. Similarly, if the broker has his or her own good-faith doubt about whether a party is entitled to escrow funds in a given situation, the broker must follow state statutes governing the handling of escrow disputes. Should the broker’s commission be in dispute, the broker may be allowed to retain the amount of commission in escrow until the dispute is settled through the use of statutorily mandated settlement procedures.
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