How Homebuyers Can Avoid Problems at Closing

How Homebuyers Can Avoid Problems at Closing

Homebuyers who have gone through the process of searching for and finally securing their dream home may believe that a closing is a mere formality and only takes a half-hour or so to sign the papers and get the keys. However, you may be in for a shock if you don’t take the proper precautions to ensure everything goes smoothly.

Here are some common problems homebuyers face at closing and how you can avoid them:

Document problems.

Whether it’s a misspelled name or a transposition of numbers in an address, there are a myriad of errors in closing documents that can bring everything to a halt. You can avoid this by reviewing every document as far in advance as possible. Pay close attention to loan documents and question anything you don’t understand.

Money problems.

Some homebuyers arrive at the closing only to find that the funds for the purchase have not been transferred from their bank to the closing agent. You can avoid this problem either by bringing a certified check or cashier’s check to the closing yourself, or have the bank transfer the funds to the closing agent a few days early. If you do not know the exact amount needed at closing, send a surplus and you’ll get a refund.

Delivery problems.

Your lender will send the final loan documents to the closing agent, but sometimes they don’t arrive on time. To avoid this, speak with your closing agent well in advance of your closing date and ask if everyone involved has everything they need. Contact your lender a day or two before your closing to verify that the transaction has been completed.

Title problems.

If the title company discovers there is a lien on the property, this will delay closing. Be sure you request a copy of the preliminary title report and review it for potential problems. Remember, you are not covered by title insurance until the day of closing forward.

The attorneys at Jurado & Farshchian, P.L. combine their knowledge and experience in Florida real estate law to represent both buyers and sellers of Florida real estate. Contact one of our experienced Florida real estate attorneys at (305) 921-0440, or email us at info@jflawfirm.com.

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