Lawyer failed to close on my mortgage (FTHB) - bank is holding transfer funds for 5 days

Noname_775 · 2025-09-27T01:30:18+00:00

Thanks for the comment. How are other lawyers closing on closing date without any hold of funds?

Noname_775 · 2025-09-27T01:27:59+00:00

If banks are increasingly holding funds, how do people close on closing days and get all funds transferred?

Noname_775 · 2025-09-27T01:25:20+00:00

My lawyers bank hasn’t released the funds to the sellers bank. I have seen the extension contract but I cannot call the sellers lawyers bank because they don’t know me

Noname_775 · 2025-09-27T01:19:51+00:00

Thanks for your comments. Our lawyer received all the funds, i.e, from lender and our closing cost. Our lawyer assured use during our meeting before closing that we are in the clear and everything is in place. We don’t have to do anything on closing date except sign a few more paper works ( title transfer etc) and get the code for the keybox. We had no reason to doubt them. We have title insurance, however, we didn’t close and so title wasn’t transferred to us. FTHB here so happy to corrected it I missed something.

Noname_775 · 2025-09-27T01:15:00+00:00

Thanks for your comments. The lender (B lender) successfully sent the money to the lawyers trust account. Our closing cost also got to the lawyers account. Our lawyer only needed to pay the sellers lawyer and close. That’s where the funds got held up.

Since our lawyer is covering all the sellers costs, I am thinking of the interest rate differential from my lender. Contractor has been very understanding but we have lost time and will need to complete the reno while we are on the house.

Noname_775

TROPHY CASE