Whether you are selling property for the first time or the fifth, you cannot help feeling a bit anxious as the closing date approaches.
There is so much paperwork and so many things that could go wrong. Here are four issues to avoid as the closing date draws near.
1. A cloud on the title
A title search will commence once you accept an offer on your home from a potential buyer. Make sure there is nothing for the title company to find, such as a contractor lien, outstanding property taxes or a divorce decree. You must clear any cloud on the title ahead of closing.
2. Final walkthrough snag
If you are taking the window treatments or the Sub-Zero refrigerator from the home, such decisions should appear in writing as part of the purchase agreement. When the buyer performs a final walkthrough of the home prior to closing, there should be no surprises that could delay the process.
3. A delayed CD form
The buyer must receive the Closing Disclosure (CD) at least three days before closing. Be sure that the title company or mortgage lender meets this deadline and sends the CD along in a timely manner to avoid a closing delay.
4. Document errors
Though typos and incorrect spellings sound inconsequential, be sure to correct them. Closing documents are legal documents, after all. You may not have the time to read every line in every document as closing approaches. This is why it is a good idea to request documents in advance so you can review them before signing day arrives. You can also rely on an attorney to go over the fine print and help you address any issues.
