Featured News 2016 Problems With Buyer Closings

Problems With Buyer Closings

A real estate transaction can be wrapped up in as little as an hour, though most take longer. It can take hours, and some can go on for days. Sometimes, several issues arise, making the process take longer than it should have.

It's like renting a car and driving in a new town without being aware of routine traffic congestion and road construction, which can cause you to sit in traffic unexpectedly for hours.

But, just like the out-of-town visitor who doesn't know about unanticipated traffic delays, the buyer of a home can learn which problems may pop up in advance so their transaction can close in a timely fashion.

Remember, it's common for challenges to arise last minute during a real estate transaction, so there is no guarantee that it will close when it's supposed to.

Common Snags During a Closing

Some of the most common problems that delay closing:

  • Errors in the documents, such as an incorrect interest rate or loan amount, a misspelled name or incorrect address.
  • The down payment isn't transferred on time by the bank.
  • The loan documents are in transit and they don't arrive on time.
  • You discover a problem with the title.
  • The mortgage lender has some last minute requests.
  • The day before closing, you discover issues with the home during the final walk-through.

Above are some of the most common snags that come up during a closing, which can lead to unnecessary delays. Our advice is to discuss these potential problems with your real estate attorney well in advance so they can help prevent them from occurring.

If you and the seller decide on any changes, make sure you both agree to the changes in the closing instructions, which must be written, signed by both of you, and attached to the instructions.

To guide you through a closing, contact a real estate lawyer today.

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