Both buyers and sellers of property look forward to closing, as it represents the last step of the real estate transaction process. Therefore, it is especially frustrating when an issue comes up that delays closing. Luckily, with proper planning and the guidance of an experienced
Connecticut real estate attorney, most of these issues can be avoided. Below are some common issues that delay real estate closings in Connecticut.
Missing documents
Lenders sometimes request additional documents after reviewing a buyer's bank and credit card statements. Sometimes, unfortunately, this happens right before closing, and it can result in a delay. However, this issue can usually be avoided when an experienced Connecticut real estate attorney is involved in the process from start to finish.
Title problems
Title problems can be a major source of frustration for buyers and sellers alike. Therefore, a real estate attorney should be enlisted to perform a title search after a purchase offer has been made in order to prevent unnecessary delays.
Appraisal issues
A bank appraisal is required to close on a piece of property, and appraisers sometimes recommend that repairs be made prior to closing, thereby delaying the process.
Survey discrepancies
An instrument survey review must be conducted prior to closing. This involves reviewing a drawing of the land on which a piece of property is located. Any discrepancies discovered during this process must be addressed prior to closing.
Final inspection problems
An additional issue that can delay closing is when a problem is uncovered during final inspection. Whether it's a simple issue, such as a broken appliance, or something more serious, such as a broken HVAC system, final inspection problems are a common source of frustration for both buyers and sellers.
Unrealistic contract dates and contingencies
In order for a transaction to go smoothly, contract dates and contingencies must be reasonable and realistic. For example, a reasonable amount of time must be allowed for a purchaser to obtain financing. When too little time is given, this is a guaranteed way to delay closing and potentially prevent the transaction altogether. It is for this reason that all real estate contracts should be reviewed by an experienced Connecticut real estate attorney prior to execution.
Connecticut Real Estate Attorney
Real estate transactions can be complicated, so it’s important to ensure that no details are overlooked during the process. One way to ensure that your real estate transaction goes smoothly is by hiring an experienced Connecticut real estate attorney. At the Law Office of Benjamin S. Proto, Jr., our experienced and capable Connecticut real estate professionals keep both buyers and sellers apprised of their rights and duties as they navigate the real estate transaction process. Therefore, if you are contemplating a purchase or sale of residential or commercial property in Connecticut, please contact our office immediately for an initial consultation.