A residential real estate closing is the final step in the home buying or selling process. It’s an exciting time, but it can also come with its fair share of challenges. To ensure a smooth and successful closing, it’s important to be aware of common issues that may arise. Read on to learn more about some of these challenges to watch for during a closing in Miami so you know how best to avoid them.
Pitfalls to Avoid During a Florida Real Estate Closing
Anyone who’s ever bought or sold real estate knows things don’t always go as planned. Fortunately, there are safeguards you can put in place to mitigate them. Perhaps one of the best is to surround yourself with trustworthy professionals who can help you avoid the items on this list.
- Issues with the property title – Title issues can arise when there are problems with the property’s ownership history. These issues 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 provide protection in case any title defects emerge after the closing.
- Challenges with financing – Financing-related issues can cause delays or even jeopardize the closing. Buyers should stay in close communication with their lender and promptly provide any requested documentation to help ensure an on-time closing. Sellers should also be prepared for potential delays if the buyer’s financing falls through.
- Home inspection red flags – These are usually uncovered prior to closing, but any issues found during the home inspection may lead to delays with closing if they are not promptly negotiated and addressed.
- Contingency concerns – Residential real estate contracts often include contingencies, such as the sale of the buyer’s current home or the successful completion of a home inspection. If these contingencies are not met within the specified time frames, it can lead to complications, delays and potential contract termination.
- Errors in closing documents – Closing document errors are another cause for delays and legal complications. It’s crucial for all parties involved to carefully review the closing documents and work with a real estate attorney to ensure there are no discrepancies or errors.
Lastly, if there’s a general theme that causes delays in South Florida-based closings, it’s poor communication and coordination. There are a lot of moving parts in a real estate transaction, and any delays or misunderstandings between parties can cause the whole chain of events to go off course. 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 tri-county area, including Miami-Dade, Broward and Palm Beach (as well as Monroe) and are ready to help you with yours. Contact us today to learn more.