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.