Legal Question in Real Estate Law in Wisconsin

we sold our home to a large coporation last wek A week later the abstract companmy that handled tyher sale for the buyer called to say that they had made an errore in the calculated amount of the sale Theydeed and papers have all lbeen signed and filled with the proper agencies and now a week later they are coming to us and sayingthat they miscalculated the amount that we were due and are asking to refund a hugh amount of the sale price

Unfortunately we have aleady made a committement to purchase a newhome based on the amount that we received from them Shoulkd we have to refund we would have to with draw from the purcahse thus loosing even more money Do we have to refund or do we have any other options here thank you


Asked on 8/26/11, 6:26 am

1 Answer from Attorneys
JAY Nixon nixon law offices

Among your real estate closing forms there is probably one in which you agreed to allow all mathematical errors to corrected after the fact. Even without such a form, the law would often allow for the correction of a good faith error. However, if you incurred any expenses in reliance upon the error, you may be entitled to reimbursement for those expenses as well as any other damages caused by the negligence of the party who caused the error. Additionally, if the funds are already spent and you are unable to pay the money back, you may also have the option of keeping the funds, but ending up with a judgment against you. There is also a good chance that such an obligation may be dischargeable in bankruptcy. You should therefore promptly seek legal advice, and should consider an attorney with a strong background of bankruptcy experience. My comments in this public web forum are intended only for public educational purposes and are not legal advice specifically for you. Instead, you should retain a lawyer in order to meet your legal needs since I will be taking no action on your case. You are welcome to contact my Racine, WI office at 262-633-3090 or email me at [email protected] for further information if you desire it.

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Answered on 8/31/11, 11:33 am


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