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What kind of problems can hamper my closing?

On Behalf of | Apr 29, 2019 | Real Estate Law |

Buying property in California can be an exciting endeavor. However, many buyers face significant issues during the closing, which can get in the way of purchasing the property of your dreams. It’s important to know what can occur so you can take the proper steps to prevent any issues. In this case, offers the following advice.

A huge portion of the closing is the transfer of funds from the buyer to the seller. The acceptable methods of payment can vary quite a bit from institution to institution. For example, you may be required to provide a check in some cases, while in others it may be preferred to have an electronic transfer directly from your bank. Make sure you understand what is required of you before showing up to the closing. Also, double check with your real estate agent that you have the right information when it comes to the amount you’ll be transferring.

Problems can also arise during the final walk through. Depending on the time elapsed from the initial inspection to the closing, many issues can occur. For instance, the property may have experienced weather damage that changed the buyer’s perspective on whether it was a good purchase. If there are significant issues during the final walkthrough, speak with the seller about possibly remedying them or even reducing the asking price. If the seller refuses, you may want to rethink the transaction.

Lastly, the property title itself might also exhibit problems. If the title search company discovers a lien on the property, you must take steps to rectify it or it will become your financial responsibility when you’re the new owner. The property may also have restrictions on use and renovations, which could get in the way of your plans for it. If the title search uncovers unpleasant results, don’t be afraid to put a stop to the closing until you get some answers from an attorney.



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