My question involves real estate located in the State of: Iowa
Hello All, My question is in regards to a Release of Deposit (Earnest Money). Background: I made a cash offer on a property of bare land for 70K that was accepted by the seller on April 28,2018. I presented a earnest check for $1000 at this time. The purchase agreement stated that the closing to occur on or before June 1,2018. The closing was postponed 3 times due to the attorney not having all the documentation ready. On June 27th the lawyer that was preparing the title opinion called me and stated the legal description for the property was a mess and the only way to fix the issue was to have a survey done. The seller agreed to do a survey, although it may not occur for several weeks. Considering the time delay past the expected closing date and the expected further delay due to the survey I decided to withdraw and cancel the purchase. The seller has refused to sign the release of deposit to return my earnest money. He is upset that he will have to pay the abstract company for work that had already been done to update the abstract. He feels I should pay for this cost. I am not responsible for abstract cost according to the purchase agreement. My question is: Can the seller relist and sell this property without signing the release of deposit from a previous purchase agreement?
Thanks in advance