buyers were late with wire transfer….who pays extra interest fees i incurred

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buyers were late with wire transfer….who pays extra interest fees i incurred

sold my house……was supposed to close dec 1st……buyer late with wire transfer and it closed 6 days later……..do i have any recourse for the extra interest and property tax i paid? is it up to real estate agent to take care of this or is it my loss?

Asked on December 10, 2017 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The real estate agent is not liable for this--it's not his/her responsibility and he/she had no control over the wire.
The additional property tax *should* have been adjusted at closing. But if it wasn't, and since there were other costs or fees that would not have been adjusted, your recourse would be to sue the buyer for "breach of contract." They violated the terms of the sale agreement by closing late, and that violation can make them liable for any losses it caused you to incur. Of course, whether it is worthwhile to file a lawsuit over this amount is a different story. Bear in mind that even if you sued in small claims court, as your own attorney, you will have to give up at least one day of work (a M-F during regular work hours day) and will not be compensated for it. If giving up a weekday is worth more to you than the amount of money at stake, it would not be worth suing.


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