Title company forgot to put EMD in interest-bearing account. Advice?

I went under contract for a new condo almost a year ago but have yet to close due to some delays. For the contract, I had to wire a 5% earnest money deposit. Per the terms of the executed purchase agreement, the title company was obligated to put the money in an interest-bearing escrow account. They have written to me today admitting they have not done so. Could I get some thoughts from the community on best steps forward?

In particular:

How much are the interest rates on these escrow accounts anyway? I can’t imagine they’re that high, but I also assume they’re not nothing. Should I go through the trouble of making a big fuss and having them compensate me for the back interest?

submitted by /u/SnooTomatoes1428
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I went under contract for a new condo almost a year ago but have yet to close due to some delays. For the contract, I had to wire a 5% earnest money deposit. Per the terms of the executed purchase agreement, the title company was obligated to put the money in an interest-bearing escrow account. They have written to me today admitting they have not done so. Could I get some thoughts from the community on best steps forward? In particular: How much are the interest rates on these escrow accounts anyway? I can’t imagine they’re that high, but I also assume they’re not nothing. Should I go through the trouble of making a big fuss and having them compensate me for the back interest? submitted by /u/SnooTomatoes1428 [link] [comments]

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