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Common Problems During Real Estate Closings and How to Solve Them
The real estate closing can be an exciting and nerve-wracking time for all involved. After months of hard work, the day has finally come where the buyer and seller are ready to make the transaction official. However, even on this special day problems can arise. In this blog post, we will discuss the common issues that may occur during a real estate closing and how to best approach them.
Common Issues with Title Searches
A title search is an important part of any real estate closing. It's a way for buyers and sellers to make sure that there are no liens or encumbrances against the property in question. The most common issue with a title search is that it reveals liens or encumbrances against the property that were not known beforehand. This could be from unpaid taxes or utility bills or other items attached to the property prior to its sale. It's important for buyers and sellers alike to address these issues before moving forward with the closing process.
Incorrect Information on Closing Documents
Another common issue that arises during a real estate closing is incorrect information on documents such as deeds, contracts, or mortgages. It's important for parties to double check these documents before signing them so as to avoid any potential legal issues down the line. Realtors also need to ensure they provide accurate information when preparing these documents as incorrect information can lead to costly litigation later on down the road.
The contract between buyer and seller should be clear and unambiguous in order for a real estate sale to go through without any hitches. Unfortunately, contracts can sometimes contain terms and conditions that are open to interpretation or could potentially conflict with other aspects of the agreement. It's important for both sides to review all documents carefully before signing off on anything so that these issues don't become sticking points later on in the process.
Delayed Closing Dates
The closing date is often one of the most anticipated parts of the entire process. Unfortunately, due to various factors like paperwork delays or third-party interference, closings may get pushed back at times. Buyers and sellers should always plan for potential delays so as not to disrupt their plans too much in case of such an occurrence.
Real estate closings are filled with anticipation but sometimes problems can arise along the way. Common issues include incorrect information on presented documents, title searches revealing unseen liens, and delayed closings due to paperwork delays or third-party interference among others. Being aware of these possible issues can help both buyers and sellers prepare accordingly should they arise during a real estate closing process so everyone involved can have peace of mind knowing they are protected in case something goes wrong along the way.
For more information about real estate law or if you have decided its your time to sell your home or buy one, contact Curington Law, LLC at (312) 803-1755 or online.