We are pleased to announce the resolution of a Miami-Dade County real estate dispute handled by attorney M. Julia Solivan, Esq.
The case arose after two residential real estate transactions in Miami Gardens, Florida, failed to close.
What Happened?
As part of the transactions, $20,000 was placed into escrow, $10,000 for each property. When the deals did not close, the parties disagreed about who was entitled to the money. Both sides claimed that the other was responsible for the transactions falling apart and that the escrow funds should be returned to them.
The title and escrow company holding the money ultimately released the $20,000 to one of the parties. The other party disputed that decision and filed a lawsuit in Miami-Dade County seeking to recover the funds.
The Dispute Settles for $50,000
Represented by M. Julia Solivan, the plaintiff ultimately reached a mediated settlement with the other parties. Under the settlement agreement, $50,000 will be paid to resolve the dispute. The agreement allocates $20,000 of that amount to liquidated damages and $30,000 to attorney’s fees incurred in the case. The payment will be made in seven installments.
The settlement also provides for the underlying lawsuit to be dismissed with prejudice and releases the parties from claims arising from the dispute.
Why Escrow Disputes Can Become Complicated
Escrow is intended to hold money safely while a transaction moves toward closing. But when a real estate transaction falls apart, determining who is entitled to those funds can become a legal dispute of its own.
The answer may depend on the purchase agreement, the circumstances surrounding the failed closing, the parties’ obligations, and the terms governing the escrow funds. In this case, the parties resolved their competing claims through a negotiated settlement rather than continuing the litigation through trial.
The settlement agreement specifically states that it represents a compromise of disputed claims and does not constitute an admission of liability or wrongdoing by any party.
Ayala Law represents clients in real estate disputes, commercial litigation, and contract disputes throughout Florida. If you need legal help, please don’t hesitate to contact one of our experienced attorneys at 305-570-2208.
You can also contact our team directly at: arianna@ayalalawpa.com
Schedule a case evaluation online here.
[The opinions in this blog are not intended to be legal advice. You should consult with an attorney about the particulars of your case].
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