Common Real Estate Closing Issues
You may be excited to close on your house, until you receive notice that there has been an issue. There are many issues that can cause delays during the closing process. While they are not typically not the end of the world, they can be frustrating to deal with, especially if the problem is caused by another party.
There are situations in which a home purchase can fall through, preventing a smooth closure. Here are some common problems to look for if you’re buying a home.
Damage by Termites
You should always opt for a pest inspection before buying a home. A home is a huge expense and you certainly don’t want buyer’s remorse after finding about months after closing that your home has termite damage. If the pest inspection shows termite damage, the seller should pay for the damages. If the seller refuses or the damage is too major, you can walk away.
Defects Shown in Home Inspection
The home may look good in person, but there could still be defects beneath the surface. That’s why you should never forego a pest inspection. When you decide to purchase a home, make sure you include a contingency that allows you to back out if an inspection shows defects. Otherwise, you could lose your deposit.
Lien or Judgment on Property
The property must have a clear title before it can be sold. If there are issues such as liens or judgments, then someone else can take the home away from you. Get title insurance during the escrow process so you can see if the IRS, state, or other third party has a claim to your property.
Financing Falls Through
Buyers should not make offers without preapproval. But even if you are preapproved, things can still fall through. Maybe interest rates increased, you lost your job, or your credit score dropped dramatically. Make sure you get a reason from the lender.
Cold feet doesn’t just happen before a wedding. It can happen any time you’re not feeling 100% OK about a purchase. This can happen when buying a home. A home is probably the most expensive thing you will ever buy, so it’s possible that you might change your mind. The seller could also decide they no longer want to accept your offer. They may have found a better offer or they may even decide to not sell their home after all. In these situations, the party with the cold feet may be forced to pay damages to the other party due to the delays caused by the cold feet.
Seek Legal Help
The closing process does not always go as smoothly as expected. Issues can crop up and while sometimes they can be the buyers’ fault, in many cases, the seller or another party is the one causing the delays.
Dealing with these issues can be frustrating. Contact Fort Lauderdale closing lawyer Edward J. Jennings, P.A. for help with closing issues. Don’t give up. We can resolve your issues and get you in your new home quickly. Call 954-764-4330 or fill out the online form to schedule a consultation.