ComplaintsforPinnacle Title Agency

• Initial Complaint

  08/17/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On June 28, Pinnacle Title Agency received a properly signed "mutual release" document. In that agreement, the home seller and home buyer agreed to release $2000 in earnest money to the buyer. Pinnacle did not release the money.

  Business response

  08/30/2022

  We are in receipt of the complaint filed by ****** ***** on August 17, 2022.  In *** *****'s complaint he alleges that Pinnacle Title received a properly executed "mutual release" regarding his purchase contract on a home.  Pinnacle Title was acting as the escrow and title insurance agent on the transaction.  

  The facts are as follows, *** *** **** ***** entered into a residential sales contract on June 17, 2022, for the purchase of property located at 1*** ******** ******* *******, MO .  The contract was contingent upon *** *** **** ***** obtaining financing.  The transaction was set to close and fund on August 6, 2022.  *** *** **** ***** terminated the contract.  Pinnacle Title was informed that *** *** **** ***** were not able to obtain financing, although no denial letter from a lender was provided to Pinnacle Title, nor the buyer or seller's agents.

  On June 28, 2022, a mutual release was executed and was provided to Pinnacle Title on July 6, 2022, showing that the earnest money on the transaction was to be returned to buyer.  Again, on July 6, 2022, Pinnacle Title was informed by the listing agent not to release the earnest money as a new mutual release would be forthcoming having funds released to the seller as the buyer did not provide proof to the real estate agents that they were unable to obtain financing.

  On July 22, 2022, Pinnacle Title received a mutual release executed by both *** *** **** ***** and the seller, releasing the earnest money held by Pinnacle Title to the seller.  Funds were released to the seller on July 27, 2022.  The mutual release provided to Pinnacle Title on July 22, 2022, superseded the prior mutual release and earnest money funds were released accordingly.

  Later, *** ***** reached out to Pinnacle Title by phone demanding the return of his earnest money.  Our manager informed him that he and **** ***** signed a mutual release on July 22, 2022, releasing the funds to the seller, which superseded the mutual release executed on June 28, 2022.  The manager offered to send a copy of the mutual release to him.  *** ***** then abruptly terminated the call.

  While, we understand that *** *** **** ***** are upset, Pinnacle Title followed the terms of the contract and the final mutual release provided.

   

   

   

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