We leased a home for 2 years at $7,000 a month. A very respectable agent with a top real estate firm represented both parties. After running an extensive credit check, meeting the owner of the home, and agreeing on the terms of the lease we were contacted by the realtor and informed that we had got the home. The realtor delivered a lease to us by email and requested we meet her at the home the following day with a cashiers check made out to the owner for 14,000 grand along with the signed lease. The lease states that the remaining 7 grand is due on the move in date which is less than 2 weeks away. We met with the realtor, delivered the lease and cashiers check and was told she was meeting with the owner of the home the following day to get it signed. Our home is in escrow, we have to be out by a certain date and we still have no signed lease. The realtor said the owner of the home is looking it over. We were made to believe the owner already looked it over and thought it was a done deal. What is the procedure here. Is this legal for a realtor to take money for a home and then have their client back out or delay signing.Getting a little nervous for it is scary to think we are planning on moving into a home in 2 weeks with no signed lease and the home is still be marketed on the MLS.

It's all going to depend on the paperwork. Was it a binding deposit, something else?

The same real estate agent represents both parties? Bad idea - in general.

I'd be knocking on an Attorney's door.

While I understand your concern, I there is little to worry about. Its very possible the owner has not seen the lease, that is was drawn up by the Realtor and he just wants to make sure it complies with his wishes. The fact that money was tendered and that you did sign the lease gives you leverage if someone does back out. But I think that unlikely. I would reiterate to the Realtor that you are under a deadline and are concerned.

What day was 'the following day?'

There are a lot of scams these days involving fake cashier's checks, and someone may have mentioned this to the homeowner. So your check may be at the bank, and they may be calling the bank it was written on.
But you should not have to be sitting there worrying! Tell the agent in no uncertain terms that you were told you had the house and that you want your check back by 5 pm today so you can put it down on another place (bluff). She will scurry after that.

Even though you said "A very respectable agent with a top real estate firm represented both parties" this is incorrect unless you have a signed contract with the realtor. Generally realtors only represent owners - that's the person who has a signed contract with the realtor to provide certain services in exchange for a fee. The buyer (or lessor in this case) is NOT the realtor's client and does not pay the realtor's fee. I point this out only because buyers and renters are often under a misconception that the realtors they work with somehow represent them, but they don't.

I support Joypulv's suggestion - don't be afraid to demand your money back if they son't provide a signed lease agreement back to you within 24 hours. This assumes that the papers you signed don't grant the other party more time to sign.