Escrow Refunds or Transfers

Whether a customer is asking for the refund of his escrow deposit or is asking you to apply it to a new or different transaction you need to follow the procedures below in order to release the funds.

In order to determine how you are to handle a request for return or transfer of an escrow deposit you must first be able to answer the following question:

Has a binding contract been formed in this transaction?

If you do not know the elements of contract formation, please link here to review them.

If a contract has not been formed:
If your party is withdrawing an offer you must take the following steps:

1. Notify the other agent, in writing, that your party is withdrawing his/her offer. Do this by fax or email and submit a copy of your fax or email and the fax confirmation receipt or email showing it was received for the file. When sending an email, you should make it clear to the recipient that you want a response acknowledging receipt. No refunds will be processed unless this is done. If other agent is a BTB agent, you may write him/her through the company email system and print a copy to submit with the material that follows.
2. PDF to Broker requesting return of escrow. Include
3. Cover letter/email giving the complete and correct file title for the transaction (not “My deal on Collins Avenue” or some such)
   • a copy of the withdrawal notice and receipt
   • a copy of the check or cash receipt
   • a copy of the deposit slip or check with “Mobile Deposit” stamp from the file showing the date of deposit
   • the complete address where the check is to be mailed or specific directions as to how to handle it (for example: “Send it to me and I will deliver” or “Leave in customer pickup and notify customer at 305-nnn-nnnn“
   • If applying deposit to a new transaction send the above material along with the top page of the new Sales Contract or Offer to Lease along with a cover page stating that the deposit is to be applied to the new transaction..

• Verbal requests for escrow returns will not be accepted.

If a contract has been formed:
If you have an executed Memo to Lease, Lease or Sales Contract and the Buyer wishes to withdraw or cancel, whether or not that party has the right to do so in the contract, you must:

1.  Obtain a mutually executed cancellation form. This form is on hand in the office for both sales contracts and leases. It must be completely filled out including specific allocation of the escrow deposit (that is, who is to receive it and in what amounts).
2. PDF to Broker requesting return of escrow. Include
   • Cover letter/email giving the complete and correct file title for the transaction (not “My deal on Collins Avenue” or some such)
   • a copy of the executed cancellation form (signed by both parties)
   • a copy of the deposit slip or “Mobile Deposit” stamp from the file showing the date of deposit
   • a copy of the check or cash receipt
   • the complete address where the check is to be mailed or specific directions as to how to handle it (for example: “Send it to me and I will deliver” or “Leave in customer pickup and notify customer at 305-nnn-nnnn“
   • If applying deposit to a new transaction send the above material along with the top page of the new Sales Contract or Offer to Lease along with a cover page stating that the deposit is to be applied to the new transaction..

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