A Purchase Money Deposit is Always Best in Escrow with a Third Party

A Purchase Money Deposit is Always Best in Escrow with a Third Party, even if there is a well known or trusted developer's name on the project. It is typical in a Residential Real Estate Contract involving an existing home that the Purchase Money Deposit is held in the trust account of the realtor or the title company. However, this is not necessarily the case in a contract directly with the developer of a project. Often these contracts place the deposit directly with the developer who wants full access and ability to use the deposit. The problem is, if things go bad or the developer goes down, the buyer can very easily find out that not only is the dream of their purchase gone, but so is the deposit. That is the lesson that a number of buyers are learning in a project in Baja Mexico. The project was advertised as TRUMP Ocean Resort Baja Mexico. However, it turns out that Donald Trump merely licensed his name to the project. As the facts go for most lawsuits, the project was abandoned, people lost money, and suit was filed in Los Angeles County Superior Court. Now the fight for the buyers' attorneys is whether they can reach the deep pockets of the Trump organization to recoup the buyers' money. To learn more about this suit ---> http://tinyurl.com/dzpsdu