zmacllc
Dec 1, 2012, 08:37 AM
I sold my condo in and received a full price cash offer (in Maryland). There was no mortgage/lien. On the Wednesday I emailed my wire transfer information to the Title company and received confirmation. I went to settlement that Friday at 1:30pm. On the day of settlement (my agent was not there at that time by the way), the last piece of paper was a request for the same wire transfer information. I explained to the settlement agent that I provided the same information previously and didn't understand why I was being asked to provide it again. He left the room to "check on it" and was gone for approximately 20 minutes. When he returned he brought my confirmation email but asked that I complete the wire transfer form anyway. He assured me that the funds would be in my account by 5:00pm that evening. My realtor finally arrived when this conversation was taking place and stated to the settlement agent that the wire should have been completed by 10:00am that morning. Again, the agent assured him there was no problem with the transfer and that the form was just a formality. Needless to say, the wire transfer didn't take place on Friday at 5:00pm, nor was it there on Saturday. I expect to receive my money eventually. However, is there any legal recourse or are there any legal ramifications under real estate law when a Title company fails to complete payment for a sale on the day of settlement? Are there any provisions for making this right, as in a penalty? I should also mention that the buyer's funds were available because they were wired to the settlement company beforehand since it was being paid out of an IRA. The Title company confirmed this with me beforehand.