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  1. #1
    Join Date
    Jun 2020
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    Virginia
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    Question Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    My question involves real estate located in the State of Virginia

    Hi

    I am new to this forum and I need some advice on my situation. I closed my first home nearly 1 year ago. While closing, the closing agent gave me a realtor credit. When I started searching for my home it was discussed with my agent that he will give me some credit he gets as a buyer agent. But we didn't have any discussion particular to the home I bought. During closing my agent didn't show up, and the title company agent showed me the CD where there was an additional credit which was not discussed. I asked the title company about the same, and he/she said, she knows about it well and she got ok from the agent. I thought my agent has given me credit in good faith even though I haven't asked. I called up my agent and asked him everything is clear, he just texted me back saying everything is good.

    But after a year, the title company came back that they gave realtor credit by mistake and they don't have any supporting document for that credit and they want me to pay that amount back and the amount is a big money for me now to pay back. I have asked my agent about the same and explained to him, he is telling it's the title company's responsibility and can't do anything and I have to pay back the realtor credit to title company.

    Can anyone please let me know whether the title company can ask me the realtor credit which they gave without proper documentation? Do I need to worry about this legally? Do I need to pay back the realtor credit which was on CD? Do I need to ask the title company to send an invoice or any kind of document for me to pay back?

    Please advice. I really appreciate your advice on this. Thanks in Advance

  2. #2
    Join Date
    Oct 2016
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    4,106

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    They can ask and you most certainly can ignore them.

  3. #3
    Join Date
    Jun 2020
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    Virginia
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    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Thanks for the reply. But the closing company is telling that they don't have any corresponding proof or document that they should have to give this credit and they have issues in auditing and they want it from the agent or I should get that document from the agent and submit it. Will there be any document to be submitted for getting the realtor credit?
    I am worried because I don't want to get into any legal trouble. If I agree to pay back as it was missed to discuss during the transaction and in good faith, can you please suggest me if I should get any proof or document from the title company that I have paid the money back for so & so reason?

  4. #4
    Join Date
    Oct 2006
    Posts
    16,265

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Quote Quoting sameer12sa
    View Post
    Thanks for the reply. But the closing company is telling that they don't have any corresponding proof or document that they should have to give this credit and they have issues in auditing and they want it from the agent or I should get that document from the agent and submit it. Will there be any document to be submitted for getting the realtor credit?
    I am worried because I don't want to get into any legal trouble. If I agree to pay back as it was missed to discuss during the transaction and in good faith, can you please suggest me if I should get any proof or document from the title company that I have paid the money back for so & so reason?
    There is no question of you getting into legal trouble, if by legal trouble you mean criminal type trouble. The title company has errors and omissions insurance that they should make a claim against for a mistake that they made. They would prefer you to pay it so that they don't have to make that claim and possibly have their insurance premiums go up. They could possibly try to sue you civilly, but that does not seem likely.

    Most certainly, you should NOT pay them anything unless they have put it in writing, with a full, written explanation.

  5. #5
    Join Date
    Jun 2020
    Location
    Virginia
    Posts
    4

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Thank you very much for your reply. I will ask them to write an explanation letter fully signed to pay back if required.

    Thanks

  6. #6
    Join Date
    Mar 2013
    Posts
    18,019

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    How much money do they want? Dollar amount please?

  7. #7
    Join Date
    Jun 2020
    Location
    Virginia
    Posts
    4

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    In the Closing document, they gave 5k as Realtor Credit and now asking after 1 year which I clarified at the time of closing.

  8. #8
    Join Date
    Oct 2016
    Posts
    4,106

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Quote Quoting sameer12sa
    View Post
    In the Closing document, they gave 5k as Realtor Credit and now asking after 1 year which I clarified at the time of closing.
    This is on whoever created the closing documents.

  9. #9
    Join Date
    Oct 2006
    Posts
    16,265

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Quote Quoting PayrolGuy
    View Post
    This is on whoever created the closing documents.
    Yep, and that's why they have errors and omissions insurance.

  10. #10
    Join Date
    Mar 2013
    Posts
    18,019

    Default Re: Closing Company Asking for Money After They Gave a Realtor Credit in Cd

    Quote Quoting sameer12sa
    View Post
    In the Closing document, they gave 5k as Realtor Credit and now asking after 1 year which I clarified at the time of closing.
    I would tell them to f off. You can say it nicely if you'd rather.

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