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Money after closing

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tidehaven

New member
What is the name of your state? WA

After inspection 2 weeks prior to closing:

Agreed to do some repairs, and to include $500 off for cleaning/missing screen door.

After closing buyers now threatening to sue for the $500 since was not handled during closing.

Spoke with their lender, he stated their loan terms would not allow any more money than seller was already paying,

Can they sue me?
Should the realtor handle?(who unknown to me was representing both parties)

It seems all of my fees would have been slightly different if purchase price was $500 lower
 


PayrollHRGuy

Senior Member
You promised $500.00. It seems you nor the buyer made sure that the price was lowered $500. You owe $500.

If you were reducing the price the lender wouldn't be increasing the amount of the loan they would be reducing it.

The realtor represents whoever pays their commission. But the realtor really doesn't have a dog in this fight other than had you done it right they would have not been paid the commission on the $500. I don't think they would risk their license over ~$30.

But as for your actual question, sure you can be sued. Anyone can sue anyone for the price of the court filing fee.
 

adjusterjack

Senior Member
Send the buyer a check for $500 and be done with it.

By the way, the reason this was not paid at close of escrow is because the escrow instructions weren't modified to include it. Escrow companies NEVER do anything that isn't written into the escrow instructions.

Modifying the written escrow instructions was as much your responsibility as anybody else's.
 

BuyLowSellHigh

Active Member
According to National Association of Realtors Code of Ethics it should have been disclosed that realtor was representing both parties. If you were negatively impacted by the actions of the agent and this wasn't disclosed you may have legal recourse to recover damages (I'm not familiar with WA realtor laws).

The buyers real estate agent should generally make sure that all outstanding issues including payment of this $500 are handled prior to or during closing. Perhaps a personal check should have exchanged hands during closing. The buyer and their agent should also do a final check of the property just prior to closing to confirm that any agreed repairs are finished.

However, you have not provided any information that would indicate that you don't still owe the $500 or suffered any damages by the realtor's actions.



https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/2019-code-of-ethics-standards-of-practice
  • Standard of Practice 1-5
REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)
 

Zigner

Senior Member, Non-Attorney
Honestly, we don't know that the agent was a Realtor. The OP used the word "realtor" which people tend to use as a generic term for any real estate agent. (Think "xerox" for a photocopier.)
 

TigerD

Senior Member
If there were repairs needed after inspection and a promise - that should have been in writing. I actually go the opposite way as other posters. Closing was closing. The time to bring up $500 was before the buyers signed the contracts and paid the money.

Let the buyer talk to the realtor and possibly the broker - that should have been handled at their level. It is their problem and their errors and omissions insurance not yours.

TD
 

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