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Escrow cancellation Fee $500

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?

submitted by /u/ZealousidealEar6037
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/12u1ouj/escrow_cancellation_fee_500/
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