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  1. #11
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    No nothing major. Just heaps of little bits n pieces.

    Im just annoyed how it was overlooked and now we have to find this extra cash.

    Even before settlement I emailed my solicitor with my figures including the reduction.
    I was wondering why her final amount was lower than mine. Now I know why.
    It's just frustrating cause it should be done. Now it's dragging on.

    I think I will request a statement from the buyers solicitor to make sure it's right.

  2. #12
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    So do you owe the buyers, or was there money in the solicitors trust account that just got divided up between the sale and purchase? I don't see how they would have been allowed to overdraw their trust account?

  3. #13
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    I have no idea?
    When our house sold it paid out on our loan then the extra cash went straight onto our new house, which we got a new mortgage and money was gifted to us by our in laws.
    So not sure where the extra money came from.
    I'm not sure how the bank from our buyers didn't see it?
    It's really strange. I'm not comfortable depositing $3500 into a random solicitor trust account without seeing proof.

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    I would say the contracts were signed at the original price and then when the reduction was given both solicitors overlooked it when they got the contracts out to get the settlement figures - the banks and land title would have gone off the original contract - the buyer should have also seen the discrepancy when their solicitor gave the figures - I would ask your solicitor for all correspondence between both parties proving the reduction before giving the money - but you did actually agree so the poor buyer is really the one loosing out !

  5. #15
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    Quote Originally Posted by babylove81 View Post
    So do you owe the buyers, or was there money in the solicitors trust account that just got divided up between the sale and purchase? I don't see how they would have been allowed to overdraw their trust account?
    Trust account would not have been overdrawn - the buyer just paid the extra money and instead of getting a refund from the owners solicitor they sent it to the owner instead!

  6. #16
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    I thought I would update. My solicitor has been chasing this up but from what I understand I did pay but the buyer solicitor has made a big boo boo somewhere. Yeah!!!

  7. #17
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    I have read the OP about 3 times (and only the OP), and from what I can get out of it:

    - you signed a sale contract on your home for X amount
    - the buyer of your sale home requested a $3,500 reduction in the sale price after the contract was signed
    - you instructed your solicitor that you agreed to the $3,500 reduction
    - when the solicitors did the settlement figures, the $3,500 reduction was forgotten about and you received the original contract price (ie. the buyer paid you $3,500 more than you were entitled to)
    - the buyer has now realised that they paid you $3,500 more than you were entitled to and they want their money
    - your solicitor has asked you for that money so they can give it to the buyer

    Is that a fair summary?

    If you agreed to the reduction, you have to give the money to the buyer as the contract price was varied and they've mistakenly paid too much, and mistakes are recoverable even after settlement.

    so no matter what the solicitor did, you would have had to pay that money.

    But, depending on what the solicitor did, you could argue that you have suffered loss, ie. your inlaws would have paid the extra $3,500 for you, which would have been an interest free loan (?), whereas now they have locked down the money in the term deposit, there will be lost interest if they have to break it early. Although if it happened recently, is it that much interest.

    You should calculate what it has cost you as a result of the solicitor's mistake and try and work out whether it is worth asking them to compensate you.

    But, solicitors will often send the draft settlement figures to the client for approval prior to settlement. So, if they did that, arguably you should have noticed that the $3,500 price reduction and brought it to their attention.

    Please note that this is not legal advice as I don't know what state you are in or the full story, and you should get independent legal advice.

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    You obviously knew about the reduction as you said you noticed the solicitors figures were different to yours (as yours took into account the reduction).

    I don't think the solicitor is a 'random solicitor' at this point, given you've just entrusted with them sale of your major asset.

    You should tell the solicitor that this error is going to cause you hardship and make a big fuss. Maybe they can contribute their legal fees to the money owing.

    Nothing dodgy is happening here, they've just made a clerical error.

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  10. #19
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    You'll be able to work it out yourself anyway. Just get a copy of the settlement statements for your sale and purchase and follow the money through.

  11. #20
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    jbish is offline “Today you are You, that is truer than true. There is no one alive who is Youer than You.” Dr Seuss
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    I'm a Conveyancer in QLD. If you have agreed to a price reduction for Building and Pest issues by way of correspondence between the parties Solicitors then, yes, you have to reimburse the buyer the $3500.00. If it was a verbal agreement, then you can simple avoid it. I wouldn't imagine your Solicitor would be requesting you to pay the money if you didn't have to. It sucks. They made a mistake but unfortunately you will need to pay it. As other's have said, jump up and down and make a fuss and maybe you will be able to get the Solicitor to waive their Professional Cost to compensate you for it. It might work, you never know.


 

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