4 developments that could delay closing on the sale of your home

On Behalf of | Sep 12, 2022 | Commercial Real Estate Leases, Real Estate LLC Formation, Real Estate Transactions | 0 comments

If you are in the process of selling your home, you are no doubt anxious for the closing process to take place.

But things happen. Here are four developments you will want to avoid so you can smooth the way to your closing.

1. Title issues

The title refers to your right to own, use and sell your home. You must “clear title” and the title company will initiate a search to identify any issues. Unpaid property taxes, divorce decrees or contractor liens are examples of problems that could cause a delay in closing. You and your attorney can review all the documents pertaining to your property—deeds, property tax statements, wills—to ensure you have all the information you need to rectify any problems.

2. Final walkthrough

Your buyer will go on a walkthrough of the property shortly before the closing date. This should be a simple formality. If you completed the roof repair you agreed to with the buyer, if all the appliances and utilities work properly and there are no surprises about what should or should not be part of the house and sale, the walkthrough should be a success.

3. Missing Closing Disclosure

The buyer must receive the Closing Disclosure (CD) no later than three days ahead of the closing. Make sure that your agent, the title company and the buyer’s agent are in touch and have the timing of the CD delivery well in hand.

4. Document errors

Document errors are not only possible but predictable, such as a misspelled name or an incorrect address. To avoid surprises, ask for the documents in advance so that you and your real estate attorney can review them. Make the closing on your home sale memorable not for the mistakes you might find but for the streamlined process that made your day.