After homesellers and buyers have negotiated a sales price, they can settle on a closing date. At this point, it may seem that they are in the clear. The reality is that a number of hiccups can derail even the smoothest residential real estate deal in New York.
One of these hiccups is a past-due water bill. Sometimes the sellers of homes forget to pay their water bills in all of the chaos of trying to move out. Unfortunately, what may appear to be a small mistake might keep a title company from getting a clean lien certificate, thus preventing the title from being able to pass to a new homeowner.
Another possible hiccup is last-minute damage that occurs to the property. For instance, perhaps a home inspector says that a home is in good condition. However, right before closing, the home collapses due to severe water damage brought about by heavy rain. In this situation, the seller usually has to address this problem before the house can be sold, as the home is still his or her responsibility.
Navigating residential real estate transactions can understandably be a thrilling experience for any homebuyer or seller. After all, the seller gets to unload his or her home and hopefully make a profit doing so. Meanwhile, the buyer gets to claim a home — hopefully the home of his or her dreams. However, a real estate deal can quickly become complicated, and a seemingly minor mistake may cause the deal to fall through altogether. An attorney can offer the guidance needed to successfully complete residential real estate transactions in New York.
Source: realtor.com, “5 Surprising Speedbumps That Can Slow Down a Home Sale“, Margaret Heidenry, May 1, 2018