When you buy a home, enough stress and anxiety are hanging in the air that you can practically feel it dripping on you. No one wants to add more tension to this already tense environment. But when you experience a delay in your closing, that’s exactly what happens. Hearts race; panic may set in. Why put yourself through this if you can help it? While, yes, some issues may arise during closing that are completely out of your control, the majority can be avoided with practical planning and a good team at your side.

Here are some ways to avoid common closing delays so you can have a smooth settlement process. 

  • If financing the investment, get pre-approval for the mortgage – One of the most common reasons for closing delays is financing issues. Securing a mortgage can take longer than expected. Buyers should stay in close communication with their lender and promptly provide any requested documentation to help ensure an on-time closing. You can further speed things along by getting pre-approved for a mortgage before you start house hunting.
  • Conduct a title search and get title insurance – Issues with the property’s title can bring the transaction to a halt, so addressing these early on is essential. Problems with the property’s ownership history may include undisclosed liens, unresolved judgments or claims from previous owners. By working with a reputable title company, you can identify and resolve any title issues before the closing. Purchasing title insurance can also protect you in case any title defects emerge after the closing.
  • Be proactive with inspections, repairs and negotiations – Home inspections can reveal problems that need to be addressed before closing. If these issues aren’t negotiated and resolved promptly, they can cause delays with closing.
  • Ensure proper escrow and earnest money payments – Earnest money is a deposit made by the buyer to show their serious intent to buy the property. This money is typically held in an escrow account until the deal closes and is a way to protect both buyers and sellers. Problems with earnest money deposits can lead to delays, so it’s important to make sure your payments are timely and handled by a trusted escrow agent.
  • Partner with an experienced title company – Work with professionals to safeguard against closing document errors and protect you from legal complications. Most delays can be avoided with strong coordination among parties and open lines of communication.

Save yourself the headache of dealing with closing issues by working with experienced professionals. Our team at the Law Offices of Alex D. Sirulnik, P.A. and ADS Titles Services, Inc. have completed hundreds of closings in the greater Miami area and are ready to help you with yours. Contact us today to learn more about how we can ensure a smooth closing process for you.