When you finally reach the end goal of a real estate transaction to become a homeowner officially, you are in what we call “closing” and usually takes up to 30 days after your final offer of the purchase contract is submitted. There are specific steps the buyer and seller could take to prevent delaying the closing of a real estate transaction. We will touch on a few common factors that contribute to that delay to create the awareness needed before entering into one of these transactions in the future.
Property Location & Contingencies
Every state has its governing laws and regulations. With that being said, having an attorney review the closing details and the overall transaction is always in your best interest. The only significant change that may take place is the length of the closing period. Typical closing periods can take 30-40 days, whereas implementing an attorney will take longer due to the review and diligence a law firm provides to the overall transaction process. So it is giving the length of time of about 40-50 days. Now dealing with contracts and due diligence, you can almost always count on language in the agreements to contain contingencies. Which is a condition in an understanding of sale that must happen before the real estate transaction can be completed or “move forward.” These “contingencies” usually consist of home inspections, financing, appraisal process, home title, and the overall home sale. Having an advanced attorney to discuss the nuances and best explanation for completing these contingencies will be extremely helpful on the back end of any real estate transaction.
Financing, Credit Report, Title And Homeowners Insurance
First of all, before searching for a home, you need to be pre-approved by a bank or lender by way of an approval letter. Even after a letter has been approved by a lender or bank, it still does not guarantee you a loan. But it does show the initiative and seriousness to property sellers and realtors that you are ready to purchase a home or property. Failure to obtain a letter of approval before searching will only delay the closing process even further should you find a property you would like to purchase promptly. As it goes for credit, be sure to have little to no debt before negotiating for a property. Having Title Insurance is more for the seller. It protects the lender in the event escrow does not go through. It also gives the lender the right to refuse service in a mortgage and effect the final closing date. Last but not least is securing Home Owners Insurance. This is a process best practices after the home inspection and appraisal is complete so that the closing date isn’t affected during the homeowner’s insurance process.
Contact Our Law Office Today For More Information Or To Schedule A Free Consultation
The real estate attorneys at Enara Law PLLC have the experience to assist its clients in facilitating many different real estate transactions. We also have the knowledge and wherewithal should real estate litigation become relevant as well. Making us fully accessible in any event that involves real estate. We operate 24 hours a day, seven days a week; give us a call today at 602-687-2010 or email us at Info@enaralaw.com.