Has anyone had to pay a $500 cancellation fee?
Buying my sister’s home and she asked if I wanted to use the escrow company she is using so they can add to their offer on a house they liked. I agreed and wired $1k.
I should have checked with my broker because he had already opened escrow with a company he worked with.
So I canceled escrow with my sister’s escrow company and they won’t release my money unless I sign a cancellation form stating they will deduct $500.
It seemed a bit high so I asked if this was stated in the documents I signed and they provided me documents I never saw. And these documents does not specify a $500 cancellation fee.
I tried to google if this is the norm or not. I asked my broker and he said there should be no fee. My escrow to buy my sister’s house is closing today. Her escrow is closing on 4/29.
What should I do?
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source https://www.reddit.com/r/RealEstate/comments/12u1ouj/escrow_cancellation_fee_500/
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