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Escrow deposit, reasons for default, Texas commercial real estate law
Is there any defining jurisprudence on where the law stands on Commercial Real Estate Escrow Deposit, and the default thereof, in Texas? Is its basis established around Liquidated Damages or the letter of the contract? I have been involved in a rat's nest of an experience, with an REO property. We were unable to close with Financier on two separate occasions not able to come to the table. If remedy is arbitration, what likelihood would there be of getting our good-faith deposit back, when the bank even stated that it was not a primary concern of theirs.
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You're going to have to give us more of the story if you want any kind of reasonable answer. You're the buyer? A bank is the seller? Why was closing delayed? In general the terms of the contract control the transaction but give us some more details and you'll get a better response.
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