Whether you’re a first-time homebuyer or are a retiree who is looking for a getaway, it’s important to ensure that your home closing process goes off without a hitch. However, it’s not uncommon for things to fall apart at the last minute. The following are some things that can cause a home sale to fall through and the steps you can take to avoid these potential pitfalls.
The title isn’t clear
Title issues can delay if not outright derail a home purchase and sale. A clear title means that there are no liens against the property, and there are no questions surrounding ownership.
Request a preliminary title report. Go through the report to identify any potential trouble spots. You should consider purchasing title insurance. However, you can only make a claim through your title insurance policy after you’ve closed. This means you will still have a lengthy process ahead of you should problems become apparent further down the road. You should always insist on a clear title before closing your real estate transaction.
Closing document errors
The volume of paperwork that you have to sign at closing is daunting. You’re not going to take the time to read every line on the closing day. However, you should request the closing paperwork in advance. This will give you time to correct any errors before it’s time to seal the deal. Document review is a time-consuming task. However, it’s much easier to fix potential issues before the paperwork is signed than once everything is said and done.
Problems that arise during a final walkthrough
When you’re taking a final walkthrough of your future home, you may notice some missing floor tile. Perhaps the lighting fixture you thought was included in the sale has now gone missing. Whatever the issue may be, your agent should work with the seller’s agent to address any problems. Reach a resolution before you close.
Preparation is essential
Preparation can help you avoid many closing issues. Identifying and correcting problems early on can save you significant time and expense in the future. A skilled real estate law professional can help ensure a smooth closing process.