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Old 03-03-2017, 08:03 AM
 
3 posts, read 1,924 times
Reputation: 10

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We have an unusual situation. We bought a new construction at a new home and condominium community located in North Framingham. The seller's attorney office just contacted us and told us that they did a math miscalculation in the closing document and unfortunately our attorney office didn't catch it either. So now we owe them 10K more. It's been a month since we closed, the title, deed has been recorded.

We obviously will pay the difference amount. But we want to be sure we understand what else needs to be updated to reflect the correct amount now. We want to ensure we are closing the loop on all legalities. What paper needs to be updated/resigned other than the following:

1-correction of confirmatory deed
2-re-recording
3-updating the HUD

Any other documents or steps involved? Anything else specific to North Framingham?
Thanks
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Old 03-03-2017, 09:09 AM
 
Location: Massachusetts
1,362 posts, read 873,909 times
Reputation: 2123
Shirley your real estate attorney should handle all of this. They may even pay attention this time.
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Old 03-03-2017, 09:20 AM
 
3 posts, read 1,924 times
Reputation: 10
Actually haven't heard back from our real estate attorney's office yet. The seller's attorney has offered to handle the rerecording with the correct amount. Hope that's okay? The reason why we are posting here to ensure we remind them if they miss anything. Thanks
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Old 03-03-2017, 09:21 AM
 
Location: Southern New Hampshire
4,643 posts, read 13,947,733 times
Reputation: 4626
If the miscalculation was on the price of the home, you will likely owe a small additional amount for Transfer Tax/Tax Stamps (4.56 per thousand). Your attorney should take care of this, and any other details for you, and HOPEFULLY at no charge. This is part of the reason why Buyers receive their HUD 3+ days prior to close (if they are taking a mortgage, thank you TRID) and why their agents should always check the numbers before going into the closing room...

Quote:
Originally Posted by dreamer79 View Post
We have an unusual situation. We bought a new construction at a new home and condominium community located in North Framingham. The seller's attorney office just contacted us and told us that they did a math miscalculation in the closing document and unfortunately our attorney office didn't catch it either. So now we owe them 10K more. It's been a month since we closed, the title, deed has been recorded.

We obviously will pay the difference amount. But we want to be sure we understand what else needs to be updated to reflect the correct amount now. We want to ensure we are closing the loop on all legalities. What paper needs to be updated/resigned other than the following:

1-correction of confirmatory deed
2-re-recording
3-updating the HUD

Any other documents or steps involved? Anything else specific to North Framingham?
Thanks
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Old 03-03-2017, 09:27 AM
 
3 posts, read 1,924 times
Reputation: 10
This in the unfortunate part-the sellers attorney was on vacation till the last moment and even our attorney's office didnt have the final HUD numbers till the last day. We havent heard back from our attorneys office yet but the sellers attorney is offering to "handle" rerecording and "legal". We are not sure if thats advisable or not and what does "legal" mean exactly the reason why we have posted this question here. Any input will be highly appreciated. Thanks
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Old 03-03-2017, 09:40 AM
 
1,203 posts, read 1,813,014 times
Reputation: 1206
I'd be looking at this closely and get good legal advice (and not just rely on free advice you get here). If it's not your error, who knows, maybe you're not liable for it. Because someone else snoozed, I'd look at all your options carefully. You know damn well that if the mistake went the other way, they'd be doing the same thing.

Last edited by Bruins_Fan; 03-03-2017 at 09:47 AM.. Reason: typo
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Old 03-03-2017, 11:55 AM
 
Location: East Coast
4,249 posts, read 3,724,745 times
Reputation: 6487
This sounds very fishy. You need a detailed explanation of what this $10K is for. Demand more information from your attorney.
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Old 03-03-2017, 11:56 AM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,962,945 times
Reputation: 40635
Attorney to attorney communication only on this. Seems weird.
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Old 03-03-2017, 12:52 PM
 
Location: Needham, MA
8,545 posts, read 14,025,464 times
Reputation: 7944
Quote:
Originally Posted by Valerie C View Post
If the miscalculation was on the price of the home, you will likely owe a small additional amount for Transfer Tax/Tax Stamps (4.56 per thousand)
There are no tax stamps on the buyer's side in Massachusetts. The seller pays the tax stamps.

Quote:
Originally Posted by timberline742 View Post
Attorney to attorney communication only on this. Seems weird.
Agreed. This all seems quite strange and $10K is a lot of money. I would want a detailed explanation and I would want my own attorney to confirm it.
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