You have a buyer for your home, the closing date is set and still, you feel uneasy.
Here are four issues that can cause 11th-hour chaos and how you can keep the closing process on track.
1. Cloud on the title
Before selling your home, you must prove that your ownership of the property is valid. The title company will perform a search to determine whether there is a cloud on the title. To ensure you have a clear title, pay off any loans, taxes or debts that could appear as title defects and delay your closing.
2. Final walkthrough problems
There should be no surprises for the buyer during the final walkthrough. Every decision you made about what stays and what goes in the sale should be down in writing. You must also ensure that all the appliances and other mechanics are in good working order while you are still the homeowner.
3. Missing Closing Disclosure
The Closing Disclosure (CD) is actually a collection of documents that specify loan terms and show closing costs. The mortgage lender or title company must provide the CD to the buyer for review no more than three days before the closing. To ensure that the delivery of the CD meets the deadline, make sure the agents for the buyer are consistently in touch with the title company.
4. Document errors
Finally, even if everything else goes well, you could run into unforeseen problems with your documents due to a misspelled name, incorrect street address or unexpected fees. To head off this kind of problem, ask to see documents in advance of the closing date. Review them carefully and request professional help in doing so. Ensure that everything is in order and that your closing will take place as planned.