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Attorney Ben Proto - The Musings of a Mad Lawyer

Sunday, November 11, 2018

Common Real Estate Closing Mistakes

Closing is the last step in the homebuying process. And while this can be an exciting time, there are several pitfalls to avoid during closing, any of which can delay or even prevent your purchase. Ensure that your purchase goes off without a hitch by avoiding the following common closing mistakes.

Spending lots of money/accumulating debt

If you’ve been preapproved for a home loan and are approaching closing, one of the worst things you can do is go on a spending spree or accumulate new debt. Your lender preapproved you based on your finances at the time of your application. Any significant changes to your financial situation before closing can result in a rejection by the lender, leaving you without the means to complete your purchase at closing.  

Leaving the area

Additional documentation is sometimes needed on short notice during the closing process, which can last anywhere from a few hours to several weeks. And if you aren’t easily accessible, the inability to gather the required documentation can bring the closing process to a halt. Therefore, if possible, try to remain in town during the closing period.

Purchasing a new vehicle

As noted above, the accumulation of new debt is a surefire way to have your loan application rejected by your lender. Therefore, if you are in the market for a new vehicle, don’t begin your search until after you’ve closed on your new piece of property. The financial obligations associated with the purchase of a new car or truck will almost certainly prevent your purchase from being successful.

Quitting or changing your job

When you apply for a loan, your lender wants to ensure that you’ll pay it back. An excellent indicator of an applicant’s ability to do this is his or her employment status. Lenders often require evidence of steady employment before they will even consider giving someone a home loan. Therefore, don’t make any job changes until after closing.

Failing to hire an attorney

Finally, all prospective home buyers should consider hiring an experienced real estate attorney to assist with closing. The assistance of a real estate attorney is particularly important for first-time homebuyers, as they are often taken advantage of by experienced real estate agents and sellers. An experienced Connecticut closing attorney will walk you through the process and ensure that all requirements and deadlines are timely met. In addition, a dedicated real estate attorney will help you address any problems that pop up during the process.

Connecticut Legal Representation

Real estate transactions, whether residential or commercial, can be complicated, and it’s important to ensure that no details are overlooked during the real estate closing process in Connecticut. At the Law Office of Benjamin S. Proto, Jr., our experienced Connecticut real estate professionals keep both buyers and sellers apprised of their rights and duties as they navigate the real estate closing process. Please contact us for a free consultation.


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