PROBLEMS AT CLOSING
Since closing a real estate transaction involves numerous parties, multiple contractual commitments and lots of money, problems are not uncommon. The saying "nothing is over until it's over" is appropriate for a real estate closing. However, careful planning and diligent attention to the contractual details can alleviate many potential problems before they happen. Making sure that agreed-upon repairs are completed in advance and accepted by the buyer is one key example of careful planning. Your agent is an excellent resource in identifying and eliminating factors that might interfere with your successful closing. Other factors beyond the control of the buyer or the seller can also affect a closing. Should the loan be unable to be closed on the proposed date or the seller fail to satisfy the title upon written notice provided before the agreed-upon closing date, either party can extend the contract closing date up to seven days. Once either party uses this option, the right terminates and can no longer be exercised.
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