Had any of you got charged per diem from the seller for not closing your mortgage loan on time?

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I was charge $ 100.00 per diem from the seller because my lender took so long to close my loan. They got my purchase agreement first week of February and I told them I need to close the loan by March 6. I just barely signed the loan docs today. Do you think the lender should pay for the per diem fee that accrued???

  1. Reply
    February 10, 2011 at 5:37 am

    It all depends on the reason for the delay, was it the lenders fault or did you not get documents to them on time, or possibly did the seller drag their feel on something like an appraisal?

    I guess that technically the seller can do this, but most sellers, especially in a buyers market, would be reasonable and sign an amendment extending the recording date.

  2. Reply
    Expert Realtor
    February 10, 2011 at 6:36 am

    They can’t charge you anything unless when you originally signed the contract, it stipulated a $ 100 per day charge for not closing on time.

    If it’s not in the contract, they can’t charge you.

    If it is in the contract, was a closing date in your contract? Did it stipulate “time is of the essence”? Or was March 6 merely a target closing date?

    Why was your lender late? Was it because of something you didn’t provide?

    Do you have a Realtor? I’m assuming you should have had a closing attorney?

    These are all important questions.

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