Buying any type of real estate, from a home to a commercial property, can be an enjoyable experience. Unfortunately, your joy can take a turn for the worse if something goes wrong at the closing table.
Here are a few of the most common closing problems, all of which can hold back your transaction:
-- Document errors. This can include something as minor as a name or address that is misspelled. Of course, it can also be something more serious, such as an incorrect interest rate or loan amount.
-- Mortgage delays. While it's your hope that your mortgage company has everything in order, this isn't always the case. If your lender is late processing a document or overlooks your closing date, it can lead to an issue that pushes things back.
-- Title issues. A major problem for many reasons, the title company could find that the title is not clear. This isn't always a major problem if it's discovered in advance. However, if this doesn't come to light until the day of the closing, it may be enough to delay the process.
As you can see, there are many things that can go wrong at a real estate closing. While all these situations are different, each one can be prevented by remaining organized and making sure everything is complete well in advance.
The last thing you want is for something to go wrong at the closing table. It's easy to believe this will never happen to you, but it could. Protect yourself by reviewing your transaction multiple times as the big day closes in.
Source: Zillow, "What Can Go Wrong on Closing Day – and How to Prevent It," accessed Dec. 20, 2016