Perhaps you are eagerly anticipating the closing date that appears in the real estate purchase contract for the home you wish to buy. You must remember that this is just a number. It is not etched in stone.
There are several issues that could change the closing date. However, anticipating potential pitfalls will go a long way toward avoiding problems that could lead to a disappointing delay.
Cloud on the title
The title company working with your real estate transaction will perform a title search to ensure that the house you buy is free of any type of encumbrance. Examples of “clouds” on the title include a contractor’s lien, outstanding property taxes or an issue stemming from a divorce decree. Your real estate attorney can follow up and ensure that there is a clear title before you buy the property.
As the buyer, you will take a final walkthrough of the home shortly before closing. This is normally a routine examination to ensure that there are no surprises. However, if the HVAC does not work, if a scheduled repair is still awaiting completion or if the double-door fridge you expected to inherit is no longer there, a delay in the closing could result.
Closing disclosure issue
The Closing Disclosure, or CD, consists of paperwork associated with the sale, such as the terms of your loan and the closing costs. The title company must send you the CD for your review no later than three days before the scheduled closing. Check that there are no errors in the paperwork, such as the misspelling of a name or an incorrect address. Rely on legal guidance to ensure there are no missteps in the closing process before you accept the keys to your new home.