When closing on a home, you hope that everything goes as planned. While this may be what you’re striving for, it’s hard to say what the process will bring.
Here are some of the many problems that can move to the forefront when closing on a home:
— Document errors. Any error, even a simple one, needs to be revised before moving forward with the process. The best way to prevent this problem is to review all documents as far in advance as possible.
— Mortgage delays. You hope that your lender is ready to go on closing day, but things don’t always play out this way. Any delay, such as a last minute request, could cost you both time and money.
— The title isn’t clear. An example of this would be if your title company finds that there is a lien on the property. While you hope that this is caught well in advance, there are times when it’s put on the back burner. You should read the title report as soon as it’s made available to you. If there is any title trouble at closing, you won’t want to move forward with the process. You need to clear this up before taking ownership.
Buying a home is one of the most exciting things you can do. If you run into any problems along the way, don’t hesitate to learn more about your options for moving forward. While not always the case, there may come a point when you need to take legal action against the at-fault party.
Source: Zillow, “What Can Go Wrong on Closing Day – and How to Prevent It,” accessed July 05, 2017