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Avoid these errors when closing on residential real estate

Avoid these errors when closing on residential real estate

| Mar 19, 2021 | Real Estate

Buying a home is one of the biggest purchases you will ever make. To ensure closing is smooth, there are several things you need to do.

Mistakes in closing on real estate could be costly

 You might be so keen to secure a piece of real estate before someone else does that you overlook crucial measures. Rushing in without due care could cost you a considerable amount of money. It could even cost you the chance to secure the deal. Here are some mistakes to avoid:

  • Not ensuring the title is clean: Many homes have a chequered past. There may be ownership disputes or a lien on the property. Make sure the person offering the house for sale has the right to do so.
  • Not including contingencies: If you back out of a contract to buy, you could face a lawsuit from the seller. Your attorney can help you include contingencies to ensure you can withdraw in the event of issues.
  • Not getting the funding ready: If your income has decreased since you first applied for a mortgage, you need to inform the lender. They might no longer be willing to lend you enough to buy the property.
  • Not discovering faults: Every property will have some issues, even if it is only a dripping tap. Carry out the necessary surveys to ensure you know what you are dealing with. Once you have a list of problems, you can use it to negotiate a price reduction. Or you could walk away.

Millions of people close on the home they want each year. Make sure you get the necessary legal advice to do so too.