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Updated over 1 year ago,

User Stats

120
Posts
123
Votes
George Red
123
Votes |
120
Posts

HELP error/oversight in Title paperwork potential money lost

George Red
Posted

Hey all, long story short I bought an off market duplex in KC Missouri through a wholesaler. The wholesaler never gave the title company the tenant leases, so the closing documents didn't include pro-rated rent for the month we closed or the transfer of tenant deposits (which I admittedly overlooked while signing the mountain of paperwork on closing day). I've cordially sent an email to the seller and title company requesting pro-rated rent/security deposits and the seller is basically saying too bad so sad it should have been handled during closing (we closed early May).

I've purchased investment property before so maybe I fell short in assuming all required pro-rations/transfers were in the closing documents which is a learning on my part. Has anyone had experience with a similar situation where something was missed at closing and potentially addressed after the fact? I read the closing statements over and there is the "errors and omissions clause" below.

Any guidance/recourse or have I just learned an expensive lesson. I assume at a minimum the tenant deposits are not the seller's property and do not belong to him at all.

Any thoughts/guidance appreciated.

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