• Buyer • Seller • Escrow/closing agent
• Attorneys for buyer and seller • Title company representative
• Mortgage lender • Real estate agents
CLOSING ISSUES THAT CAN DERAIL A DEAL
With so many professionals in one room, you’d think the closing process would always go smoothly. You’d think wrong. Closings involve many moving pieces, and the process often becomes clogged at some point. Here are some common glitches and how you can avoid them. Mortgage delays: Busy lenders still have questions at closing, or just didn’t have time to finalize your buyer’s loan. You’re left strumming your fingers at the closing table while the lender gets his act together. Solution: It’s really your buyer’s responsibility to make sure he gets his loan in time for the closing; but buyers and bankers can drop the ball. It makes sense for you to contact your closing agent a couple of days before the closing to make sure the loan and other closing documents are in place. Title problems: Maybe you forgot to pay some tax and it’s holding up title clearance. Solution: Soon after you go to contract, a lender will ask to see a preliminary title report. Ask for a copy ASAP so you can address any problems before closing.
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