What compensation can a buyer seek if their closing is delayed through no fault of their own?
What you can recover depends heavily on who actually caused the delay and what losses it caused you. If another party to the transaction, such as the seller, caused the delay through their own default, you may have a claim against them for damages, which could include costs like temporary accommodation, storage for your belongings, or other expenses reasonably caused by the late closing.
If the delay was instead caused by your own lawyer's error or a bank's processing mistake, that generally points to a separate claim against whoever was actually at fault, such as a professional negligence claim against a lawyer, rather than against the other side of your real estate transaction, since the seller or buyer on the other side did nothing wrong. In some cases you may still owe amounts like per diem interest to the other side regardless of fault, while separately pursuing recovery from whoever actually caused the problem. Because these claims depend heavily on your specific facts and documentation, speak with a lawyer promptly to understand which path, if any, applies to your situation.
Key takeaways
- What you can recover depends on who actually caused the delay, not just that it wasn't your fault.
- A default by the other side of your transaction can support a damages claim against them.
- A lawyer's or bank's error generally points to a separate negligence claim, not against the other party.
- You may still owe amounts like interest to the other side while separately pursuing the party at fault.