Hi All,
Here is a landmine that I stumbled on. Thought I should share it.
We completed on a property mid last November and I when didn`t get the final statement of adjustment by December, I requested a copy so I can see where all the money went.
Everything looked fine except there was no mention of a $6000 credit the vendor agreed to reimburse me for the cost of anticipated iminent roof repair. Ehen I dug deeper to find out what happened, it appear the vendor`s realtor did not pass on all of the amendments to the offer to the lawyers. The Lawyers couldn`t adjust for something they have no knowledge of so I am out $6000 at this moment.
My realtor assured me that it was not my responsibility to pass on the offer and amendment to my lawyer and that it was the vendor`s realtor`s responsibility. This doesn`t change the fact that I am out $6000 and if I want it, I will have to go through some effort to get it. I can`t help but think if I did my 110% and passed on the offer and amendment to my lawyer, this could have been avoided, so a little effort back then could save me a lot of effort now.
Things could go easy or it can go hard. There is no incentive for the vendor to give me the $6000 now that the deal is complete (other than his honor, integrity and ethics). We are just starting the process of asking for the money so we`ll see who has honor, integrity and good ethics.
Just thought I should post this as my realtor told me she has never seen this happen in her 28 years as a realtor so probability of it happening again is very low, but as we see here, it`s not zero!
Ciao,
Tony Wong
Here is a landmine that I stumbled on. Thought I should share it.
We completed on a property mid last November and I when didn`t get the final statement of adjustment by December, I requested a copy so I can see where all the money went.
Everything looked fine except there was no mention of a $6000 credit the vendor agreed to reimburse me for the cost of anticipated iminent roof repair. Ehen I dug deeper to find out what happened, it appear the vendor`s realtor did not pass on all of the amendments to the offer to the lawyers. The Lawyers couldn`t adjust for something they have no knowledge of so I am out $6000 at this moment.
My realtor assured me that it was not my responsibility to pass on the offer and amendment to my lawyer and that it was the vendor`s realtor`s responsibility. This doesn`t change the fact that I am out $6000 and if I want it, I will have to go through some effort to get it. I can`t help but think if I did my 110% and passed on the offer and amendment to my lawyer, this could have been avoided, so a little effort back then could save me a lot of effort now.
Things could go easy or it can go hard. There is no incentive for the vendor to give me the $6000 now that the deal is complete (other than his honor, integrity and ethics). We are just starting the process of asking for the money so we`ll see who has honor, integrity and good ethics.
Just thought I should post this as my realtor told me she has never seen this happen in her 28 years as a realtor so probability of it happening again is very low, but as we see here, it`s not zero!
Ciao,
Tony Wong