Quote:
Originally Posted by blueash
The Vicar has told us that the settlement day was Oct 22nd. But he has not told us where that cash from the sold stocks was deposited. Did it go into a cash account at the broker? Was the broker told to close out the cash and transfer it to a second institution? Did he have a checking account at the broker?
We are told in post #1 that he expected it to be available in a checking account from which it was to be wired for the closing. But then in post #15 he writes that he was going to go to their office to pick up the money. Those two scenarios do not seem identical. Perhaps the going to the office was to do some paperwork to get the sale arranged not to pick up a check?
Either way, you have no damages unless you suffered a loss. Did the closing go through either on the 1st or the 2nd? Or did you loose the opportunity to buy the property?
Brokerages carry " Errors and Omissions" insurance for protection when they make a mistake.
The location of the cash between Oct 22, the settlement date, and Nov 1, the closing date needs some exploration. Either way, you were poorly treated. Perhaps you didn't understand some requirement or where to find your money. But I think it was their obligation to clearly explain to you how the cash was getting from your account to the closing. |
I went to their offices to sign the necessary paperwork and provide a copy of the account where it was to be sent to on the date they gave me.
I don’t know where the funds were from Oct. 22, until they were deposited in my account.
I gave them all the information they requested, followed through on every detail, and was reassured that the funds would be available when I needed them.
I had informed them nearly a month prior to needing the funds.