Adam Law Group Blog

The Common Challenges to Florida Real Estate Closings

 

There are a number of complications that can present barriers to a successful Florida real estate closing. Unfortunately, these errors have the potential to add weeks and sometimes even months to the amount of time that it takes for a successful closing to occur. In these situations, it is often a wise idea to obtain the assistance of a skilled real estate attorney. It also helps to understand some of the common tips that can be used to make sure that this process proceeds as smoothly as possible.

Address Disputes in Advance

If you plan to sell property, it is a wise idea to receive a general inspection of your home before putting the property on the market for sale. It is not uncommon for these inspections to end up noticing issues about which a property seller is not aware. After notification of these problems, property sellers can either remedy these issues or sell the property “as is” based on several factors including the condition of the property.

Ask the Lender for Information

It is common for lenders to ask for additional information in the last days of the closing. To avoid the last minute rush or delaying the process to obtain the necessary documents, it is a wise idea to contact your lender in advance to ask if there are any documents required for the closing process.

Make Sure You Have the Finances Available for Closing Costs

Lenders will almost always require proof that you have the finances necessary for the down payment and closing costs. These finances should be readily available. Wire transfers of funds often must confirmed by a title escrow agent prior to closing, which means that you should take the transfer of these funds into consideration well in advance.

Remain Organized

It is critical to keep your financial documents organized throughout the process. Making certain that these documents are properly organized can greatly speed up the time that it takes you to navigate the loan process. If you are not certain what documents are required to navigate the process, it is a wise idea to ask your bank about what documents are needed.

Obtain Pre-Approval

Getting pre-approved for a loan can help you determine exactly how much you can afford and provide you with a reasonable expectation of the price range for your new home. A large number of buyers are able to navigate the loan application process much more quickly.

Receive a Preliminary Title Report

It is a wise idea to receive a preliminary title report from your real estate agent for review if you believe that a prior lien or other issue could affect title to your property. These reports can be particularly helpful in understanding the various issues that can arise with a property transaction.

Speak with an Experienced Property Law Attorney

At Adam Law Group, our experienced property law attorneys are familiar with the numerous issues that can arise with the sale of property. We invite you to schedule an initial free consultation with us today, during which time we will discuss your various options to address the challenges that can arise during this process. Contact us today for assistance.