If you are in the process of selling your home, you look forward to the closing and to moving on with your life.
However, a closing does not always go smoothly. There are various issues that can delay this procedure, and some occur at the last minute.
The issue of clear title
As the seller, you should be able to assure the buyer that there are no liens on the property. You may have obtained this information from the county recorder even before you put the house up for sale. If not, a title deed search is in order prior to closing.
The role of the bank
Financial institutions play large roles in any real estate transaction. For example, the bank may have pre-approved your buyer and you may anticipate a timely closing. However, it is not unusual for a bank to request additional financial documents and decide to review the buyer’s credit standing one last time, which could cause a delay.
The final walk-through
The last big event to occur just before closing is usually the final walk-through. The buyers have the right to expect the completion of any requested repairs and that everything works as it should, from the HVAC system to running water and flushing toilets. The final walk-through often takes place the day before closing, so any problems that arise could put that process on hold.
Other issues
A number of other frustrations can develop that might delay the sale of your home. However, your team of real estate and legal professionals can help you resolve any issues that could put a last-minute hold on that much-anticipated closing.