During your real estate transaction, you can expect to jump through a few hoops in the process of reaching the ultimate goal: the closing table. However, even when combing through all the fine details, there is the possibility of certain occurrences that will delay or possibly even cancel a long-awaited closing. Here are three examples of issues that could delay your closing.
1. Issues with title. Title insurance is a vital piece in any real estate transaction, since it clears any past ownership discrepancies while ensuring your property rights for as long as you own the home. Even after owning the home for some time, a long-lost family member of a previous owner may try to claim the property, or there may be undisclosed, unpaid dues that would transfer over to the new owner. These last-minute issues may bubble up even as your closing date draws near.
2. Problems in final walk-through. After the seller has moved out, the buyer may do a final walk-through of the house and discover issues that went unnoticed previously. If this is the case, negotiations may be initiated in order to resolve the missing or damaged components of the property, but can also cause the closing date to be pushed back if not resolved quickly enough.
3. Unexpected demands. There are cases where the lender may demand certain requirements for their recorded documentation at the closing, with very little notice. It’s a good idea to bring copies of all of your records just in case your lender or any party associated with your closing requests verified information.
At Title Junction, we care about helping you stay informed throughout your real estate transaction. The experts at our title company have extensive knowledge about real estate not only in Cape Coral and Fort Myers, but all of Florida as well.
Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: How Do I Get My Keys At Closing?