In any real estate transaction, both buyers and sellers always strive and aim for a smooth transaction. Agreements are entered into by both parties so that each party knows their roles, rights, and duties owed to each other. However, the matters entailed in these agreements are often complicated or ambiguous and lead to disputes. One sort of dispute that often springs up involves the question concerning whether the buyer or seller is entitled to the money held in escrow when a real estate deal falls apart. Not knowing the answer to this question, the escrow agent holding the funds is placed in an uncomfortable position when facing demands for the funds by both parties. Releasing the funds to any party exposes the escrow agent to a lawsuit by the other party. Having an attorney file an interpleader action is a great way to get the escrow agent out of this mess. In an interpleader action, the escrow agent has the benefit of giving the funds to the court and allows the two parties handle the dispute amongst themselves without putting the escrow agent at risk of making a wrong decision. Oppenheim Lawhas utilized interpleader actions numerous times. We are experienced in filing and answering interpleader actions and helping our clients minimize their risks when dealing with escrowed funds.
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