Perhaps you’re one of many people who are relocating to or within Florida in 2024. Whether it’s your first time buying a home or you’re downsizing for retirement, most buyers want to get the most value possible for their investment. Most of the time, you want your move to a new home to go as swiftly as possible. There are several issues that can cause significant delays for a real estate closing.
As a buyer, you’ll be one step ahead of the game if you obtain preapproval for a mortgage before making an offer on a house. Preapproval also gives you an edge over other buyers if you wind up in a bid war. Mortgage preapproval doesn’t guarantee that there will be no obstacles to delay your closing, however. In fact, there are several issues that can slow things down or prevent you from being able to purchase a home altogether.
Title issues can cause real estate closing delays or prevent a purchase
You must resolve certain issues before you can legally close a real estate transaction. For example, if, during the process of a title search, you discover that there is a lien or claim against the property, you will not be able to go to closing until you resolve the matter. In such cases, the seller may not have the right to sell the house. A title must be free and clear for you to buy a house.
Home inspection issues can cause significant delays as well
If a certified home inspector discovers serious issues in the house you have offered to buy, it can cause closing delays. If you made your offer contingent on a successful inspection, you may be able to back out without penalty. Without a contingency, you might still be able to back out but could lose your earnest money. Another option would be to negotiate with the seller regarding repairs. Even if negotiations are successful, you can still expect inspection issues to delay your closing.
Closing delays may arise due to clerical errors
Even the most basic real estate transaction involves a ton of paperwork and various types of legal processes. If someone forgets to file a document on time or does not include the proper information in a document, it can greatly affect the ability to close on time. If such issues are on your end as the buyer, the seller might be able to refuse to extend the closing date, in which case the whole transaction becomes null and void.
One of the easiest ways to avoid serious delays on a real estate closing and to resolve any complications that arise is to seek support from a real estate law attorney throughout the escrow process. While there is no requirement to hire an attorney to buy a house in Florida, most people find that doing so helps ensure a smooth transaction.
