Two Avoidable Closing Mistakes That Can Slow Down The Buying Process
Posted on: 17 September 2015
It seems like it took forever to find a home of your dreams, get your loan approved and get the owner to accept your offer. You would think that all the hard work is over, but this isn't the case. Now you have to complete the closing. As the final stage in the home buying process, it would seem like smooth sailing, but there are a number of things that can actually go wrong.
Incorrect Funding
When you get your closing documents, it's imperative that you read over them. In some instances, the title company will have a specific form in which the closing cost must be paid, typically a wire or cashier's check. For example, say the title company only accepted wire transfers and you came to the closing with a cashier's check.
If the company is unwilling to accept the check, the closing will be delayed while you wait to get the checked turned into a wire transfer. If you've been waiting to get in the home for some time, this will only delay the process. Make sure you have the correct funding source.
Documentation Errors
When it comes to buying a new home, seemingly minor mistakes like spelling Kathy as Cathy or writing Ms. instead of Mrs. can cause major issues. Since the closing documents serve as legal documentation everything must be correct. Particularly, if the error is present throughout all of the documentation, this can easily extend the date of closing.
Depending on your living situation, this delay could actually end up costing you money while you wait for the error to be corrected. Other time extended documentation errors include missing pages or transposing the numbers of the address.
Avoiding Mistakes
Fortunately, avoiding mistakes is easier with the assistance of a real estate lawyer. There is a somewhat common belief that you only need a real estate lawyer when an issue arises during the buying process; however, working with a lawyer throughout the process can actually avoid problems.
In terms of incorrect funding and documentation errors, your lawyer will carefully review all the information included in the purchase of your home to ensure that you have the correct form of funding and that there aren't any errors in the documentation at closing. More importantly, a lawyer will ensure that all of your rights are being protected during the buying process.
For more information, contact Meredith Bateman Law Office or a similar firm.
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