Wednesday, October 04, 2006

Interplead

in·ter·plead (ntr-pld)
To submit one's claim to the process of interpleader. (The Free Dictionary)

Don't let this happen to your earnest money! Here's what happened to some recent clients of mine:
  • I represented the seller
  • The day of closing the buyer's financing fell through
  • Neither person agrees on fault and both refuse to release the earnest money
  • The Earnest Money sits for 30 days, then goes to an interpleader

Here's the thing that is just crazy. The earnest money is only $500. It costs $100+ just to submit the case to the interpleader. Then you have court costs. My Broker tells me that by the time this thing is done the winner will receive a whopping... $100-$200. How sad, people being stubborn to their own demise.

6 comments:

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