Lawyer charges me late interest on closing

[alexmaz]

I closed on a newly built condo in Alberta on Aug 29.
All documents were sent and faxed from Toronto on and before that date.

Later, lawyer charges me ~250$ late interest on closing.
The official closing was on Aug 29, but the deal wasn`t actually closed until mid-September.
The ~250$ was late interest the lawyer`s firm had to pay to the developer in order to close the transaction.
I do not know what caused the delay.

I`m not sure whether I should I pay, or not ? I`m dealing with the lawyer first time.
Curiuos if other people have been in similar situation, and how they handle it.

Thank you in advance,
Alex

 

[JimWhitelaw]

Apparently, it`s not unusual:

http://www.theglobeandmail.com/servlet/sto...PStory/National

 

[Thomas Beyer]

QUOTE (alexmaz @ Nov 26 2008, 03:19 PM) I closed on a newly built condo in Alberta on Aug 29.
All documents were sent and faxed from Toronto on and before that date.

Later, lawyer charges me ~250$ late interest on closing.
The official closing was on Aug 29, but the deal wasn`t actually closed until mid-September.
The ~250$ was late interest the lawyer`s firm had to pay to the developer in order to close the transaction.
I do not know what caused the delay.

I`m not sure whether I should I pay, or not ? I`m dealing with the lawyer first time.
Curiuos if other people have been in similar situation, and how they handle it.

Thank you in advance,
Alex
that is VERY common .. I am surprised it is only 250 .. usually it is prime + 3% or so .. usually it is in the contract actually ! Keep in mind that you also SAVED as your mortgage started later ! So you may be ahead .. or it is a wash !

 

[Nir]

Yes, you should pay. Your mortgage is around $130K, right?

 

[GarthChapman]

You paid interest to the Developer instead of paying to your Banker on the mortgage.

Although if the late closing was caused by the Developer I`m thinking you might not have to pay it. Ask your lawyer about this.

 

[alexmaz]

Thank you guys. I`ve never thought that I actually saved a few bucks. My mortgage is 139K.

Thanks again,

Alex