Home Selling in 01752>Question Details

Mike, Home Seller in Brooke County, WV

There was a $14,000.00 overage in my favor which was attorneys mistake and found 3 weeks after the closing. I already spent the $$, what happens now?

Asked by Mike, Brooke County, WV Thu Nov 18, 2010

Help the community by answering this question:

Answers

10
It is possible that the attorney's insurance for errors and mistakes will cover the difference. At least ask about it.
1 vote Thank Flag Link Thu Nov 18, 2010
Thank you all for your advise and answers
Mike
1 vote Thank Flag Link Thu Nov 18, 2010
Mike,

You might want to speak to another attorney. Like I stated earlier, in Massachusetts there is a paper you sign that says basically if the attorney makes a mistake you will reclose to rectify it. However WV may be different. I have never heard of an attorney advising one not to attend the closing. P of A's are not unusual but for an attorney to advise not to attend seems odd. And yes with all those people involved with the closing and probably looking at the HUD-1 settlement statement someone should have caught it.
1 vote Thank Flag Link Thu Nov 18, 2010
My real estate attorney is the one who made the mistake (well his secretary did). After thoroughly checking my paperwork now, it appears that she added-in the buyers deposit of $14,000 twice, and it looked like it was part of my profit from the sale. The buyers attorney alerted my attorney now, 3 weeks after the closing, that he was 'short' that amount of money. My lawyer claims that he doesn't know how this happened and that we have to pay the $$ back now. Looks like I'll have to pay it back but, wouldn't you think that the 2 lawyers involved, the 2 realtors involved and the wells fargo mortgage loan guy would have seen it either before or at the closing? We were told by our attorney not to go to the closing for the sale of my house, and he would be there to represent me (he even signed the HUD on my behalf with power of atty.). In a way, I feel that he should be liable for the money now that it's after-the-fact and it was his mistake, but I do understand that I got overpaid and probably need to give it back.
1 vote Thank Flag Link Thu Nov 18, 2010
Most likely the documents you signed said that you will resign and correct things if they are wrong. n Check with your attorney, but I'd find the 14k repay, if not it is probably a criminal offense.
1 vote Thank Flag Link Thu Nov 18, 2010
Mike did you ask that question of your attorney? He knows all the circumstances and hopefully was present
at the closing, prepared the closing statements for you and discussed them with you.... I am surprised that
with a title company involved, two attorneys, a buyer and a seller and I am assuming each one had a Realtor, that no one figured out a 14000 $ mistake, we are not talking about 1000 $....

Sit down with your attorney and discuss the matter.....

Take care and good luck to you!
Edith YourChicagoConnection YourRealtor4Life
Working always in the very BEST interest of her clients
1 vote Thank Flag Link Thu Nov 18, 2010
Consider asking the question to your attorney--at this point he/she can best advise.
1 vote Thank Flag Link Thu Nov 18, 2010
I am not sure about West Virginia but in Mass you sign a document at closing that states if there is a mistake with regard to numbers it can be rectified after the closing. Check with an attorney.
1 vote Thank Flag Link Thu Nov 18, 2010
One of the many forms both Buyer and Seller sign in a typical closing in Massachusetts is a form promising to initial corrections to any errors made on the closing documents. $ 14,000 appears to be a rather large mistake. Contrary to some opinions, Realtors like to see experienced real estate attorneys at a closing. They make our jobs easier. They and their staffs are experienced in real estate conveyencing. They know what they are doing and mistakes are kept to a minimum. What Realtors do not like to see is attorneys who are inexperienced real estate conveyencing. Many attorneys like real estate transactions because they cvonsider real estate work "easy". Mistakes are more likely in this situation and, unfortunately, they do have to be corrected. We strongly suggest that all of our clients have an experienced real estate attorney advising them when they are purchasing or selling real estate.
0 votes Thank Flag Link Fri Mar 1, 2013
You definitely cannot profit from a mistake made on the HUD-1, so will need to pay it back. And yes, with all the parties involved it should have been seen by someone. Also, the closing attorney's staff should have noticed if not at the time of the closing then at the time of disbursement that the HUD was not balanced. They were disbursing $14,000 more than they took in.
0 votes Thank Flag Link Fri Jul 22, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer