Title Company Won't Give Me Deposit After Buyer Backs Out
Long story short. $22,000 deposit in escrow ($13,000 for seller and $9,000 for assignor). Inspection period ended 2 weeks ago. Buyer decides to back out last day of contract after I did weeks of due diligence for a buyer I am not representing (I am assignor). Title will not disburse deposit because execution of contract was signed a day after agreed on contract. Deposit was sent the same day of execution.
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Title company sends this:
"After reviewing assignment of contract agreement with an attorney it has
been determined that the assignment if null and void and of no effect.
Based on the first paragraph, page 2 of said agreement, which reads (if
assignor and assignee do not sign the assignment on or before December 20,
2017 3:00p.m., this agreement shall be null and void and of no effect).
The agreement was executed by assignor on December 21, 2016,
therefore making it null and void.
Accordingly assignor is not entitled to the earnest deposit,
however the seller is entitled to $13,000 deposit.
At this time I will be requesting proof from (Title Company) to find out who
placed the escrow funds with them."
This is the section they are referring to in my assignment contract.
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Is this really legal? Can a contract be technically null and void but still applicable to the point of closing? The same assignment also said the following below:
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I felt like since they submitted the deposit that it showed intention to move forward and that they were just late to perform like everyone here in Miami is. Am I really not earning of my deposit? If so, then why is the seller able to receive their share? Is it possible to purposely send your deposit and sign a day later after the contract has ended and have no obligation to the contract?
I am in no way out to pinch every dollar I can. I just did much more than what is expected for this (new and unqualified) buyer and feel I have been done very wrong by leaving this deal without any compensation. Just want to make sure I am not letting go of something I legally deserve.
Thank you everyone in advance for taking the time to read all this mess to assist me. Your efforts are greatly appreciated.