What to do regarding refund of an overage on a settlement statement paidpursuant to areal estate transaction?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do regarding refund of an overage on a settlement statement paidpursuant to areal estate transaction?
I recieved a letter from my closing attorney that I recieved an overage of $14,750 wired into my bank account from the sale of my house. I am very concerned, as this is alot of money, plus I hired him to protect my interest in this transaction. Should I let him take me to court? Should I kindly advise him to file a claim with his errors and ommissions insurance to pay for his/their mistakes ?Can someone give me advise as to which way I should proceed with this matter?
Asked on December 14, 2010 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
IF the overage is legitimate--that is, if you were truly paid more than you should have been--you will need to return the money. You have no right to it. You do have a right to see the documentation and proof that was an overpayment--you don't need to simply take the attorney's word for it, and you can satisfy yourself that this did happen.
The attorney's malpractice insurance may or may not pay out, such as if he is sued by whichever party overpaid. but that doesn't change the fact that you have to return any overpayment. If it's the attorney's own money that was mistakenly wired, his malpractice coverage is irrelevant. Malpractice reimburses other parties who sue an attorney for the attorney's bad legal practice, but does not protect the lawyer from his own faults and does not absolve others of their own legal obligations.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.