The closing is where the exchange of ownership of real estate occurs. During the closing, the ownership and title are transferred from the seller to the buyer. In the process, the buyer signs the documents prepared by the closing agents and pays the closing costs. Sometimes, due to a variety of reasons, the closing process can be delayed. A real estate attorney Boca Raton will look out for your interests and take care of any problems that arise during the closing process.
Here are a few reasons that might cause closing delays:
Paperwork
On the day of closing, you will have to sign a variety of papers prepared by the escrow or closing agent. Your real estate attorney will look over the documents to make sure they are correct and advise you on any questions you may have.
Loan
Ideally, before you start looking for a home, you should get pre-approval for a mortgage. A pre-approval makes the process much faster and this way you won’t waste time looking at houses that you won’t qualify for.
Home inspection
A home inspection can turn up hidden issues with the property. Though minor issues can be resolved by negotiating the contract, bigger ones can’t be ignored. For example, termites can cause a lot of damage, and major plumbing, electrical or water problems may require expensive repairs. No matter how much you love the house you may need to walk away.
