Home buying contract???

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I am in the process of buying a home. In my contract it states that the seller is to pay the title insurance. The cost came out to $ 562. I got the paper that displays all the figures and whatnot from the bank after my loan was aproved. It says that the seller is paying the insurance on the title. Now i get a call from the bank and from the realitor telling me there was a mistake made in the contract and that I am responsible for it. I think that its in the contract what is done is done. Can I shaft the seller with this money?
sorry i should be asking Should i shaft the seller with it considering i am paying asking price and gave a no condition contract. I think that is not much to ask that he does pay it. Or should i suck up the cost and pay it myself?
the realitor told me it was a mistake he was supposed to write in the contract that i pay that cost
The seller seems really nice. I do not think the sellers doing. It seems as tho it were a mistake by the realitor. But the seller and i both signed the contract. I just reviewed it and cannot find this in it anywhere. So i dont know if it was a bank mistake or a realitor mistake. But all i know is i got 2 calls today from the bank and realitor saying that there was a mistake in the numbers. I am not looking to back out of the contract by no means right now i reside in a motel awaiting closing. Aside from the contract from what i understand that this insurance insures that the title is free of leans. I would think that it would be the sellers responsibility to insure a free and clear title and deed to property inorder for me to close. So to me logically they should pay anyway.

  1. Reply
    keith c
    November 10, 2011 at 4:48 pm

    a contract is just that. If the seller did not read it or the bank or whoever than oh well. The seller should pay.

  2. Reply
    November 10, 2011 at 4:51 pm

    If you didn’t pay, how would they enforce the contract? By its written terms. Did they ask you to revise the contract, after they apprised you there was some sort of error and you refused? If the contract says something different than what was agreed to, they could prevail… but if the contract states the agreement you should relax. That contract will be evidence of the agreement.

    It sounds like they’re just being jack a$ $ es but you can’t be too sure since your question was worded to omit what was agreed to regardless of what the contract says.

    If the contract isn’t right they can ask for reformation of the contract and you’ll be paying their attorney’s fees. So be fair and act with confidence.

  3. Reply
    November 10, 2011 at 5:07 pm

    Does your realtor have E&O coverage. Call their principal broker first to come to some sort of resolution. It was their fiduciary duty to properly fill out the contract, that is what they are being paid for.

  4. Reply
    November 10, 2011 at 5:51 pm

    If you have an agreement signed by both parties that states that the seller is paying the title policy, that’s it. Tell the realtor that it’s too bad, the agreement stands as agreed. And tell the bank to mind their own business; it’s none of their concern.

    If the realtor messed up the paperwork then it’s up to him or her to settle up with the seller.

  5. Reply
    Realtor Jul
    November 10, 2011 at 6:35 pm

    It seems as though the seller is responsible and contractually bound to pay it, if it states in your contract that seller is to pay.

    If the realtor is admitting to a mistake on his/her part, then the realtor should make both the buyer and seller whole of his/her mistake by paying it out of his/her commission. If he/she refuses, take it to the broker, mostly likely he/she will take care of it.

    FYI, in my part of Ohio, which I understand is different from most of the rest of the country, the buyer customarily pays to insure the title, but it always goes according to contract.

  6. Reply
    November 10, 2011 at 7:32 pm

    Stick to your guns. Someone made a mistake which isn’t yours and you shouldn’t have to deal with it.

    Unless of course, you had agreed to pay for the title insurance. It’s weird, but in most states, it’s customary for the seller to pay for title insurance.

    Only title insurance you should be paying should be to the bank, i.e. the mortgagee policy.

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