Problems with the closing could cause legal and financial issues

On Behalf of | Sep 19, 2018 | Commercial Real Estate, Residential Real Estate

Buying or selling property in New York is a complex process. Real estate is expensive, and once you find the right buyer or the right property, you understand the importance of making sure you do not have any complications to delay closing. When there are issues with the process, it can lead to additional financial losses and keep you from completing the final steps.

Various problems can stand between you and your real estate goals. Many people do not understand the importance of having guidance during the transaction process, but you will find great benefit in securing help. Problems closing on a house are expensive and stressful, but they are often avoidable. 

Specific problems you could face

Buying a home or selling property is an important financial and legal transaction. Issues are inconvenient for all parties involved, and they are also costly. Some of the most common issues with the real estate closing include the following: 

  • The seller decides to back out of the purchase.
  • There are issues with the title, such as failure to get title insurance.
  • Inspection reports indicate there are significant issues with the property.
  • The lender refuses to pay the entire purchase price of the home or any of it. 

Real estate transactions require complex paperwork, mortgage applications, purchase agreements and much more. It can be a daunting prospect, and you may need more support than a realtor can provide. There is significant benefit in knowing a legal professional is in your corner, helping you avoid issues and protecting your financial interests. 

The closing is the last step in the real estate transaction process, and it can be devastating to arrive at that step only to learn of a significant problem that will prevent the closing from happening.

Avoiding problems from the very beginning

It is always less expensive to avoid problems rather than fix them. This is why it is extremely useful to have the assistance of an experienced real estate attorney, even before you make an offer on a home or list your property for sale.

A complete evaluation of your case can help you understand the legal options available to you and what you can do to avoid complications that may cost you money and add to your stress. This is an important decision for you and your family, but you do not have to walk through any step of this process alone.