How To Avoid These 3 Common Real Estate Closing Delays

TL;DR

Failure to return a seller or buyer information sheet, lack of communication, and failure to send funds on time are common causes of closing delays.

Transcript

hey everybody I'm Tiffany Weber I'm a real estate attorney in Mooresville North Carolina and today we're going to talk about three things that will delay your closing and how to avoid them the North Carolina offer to purchase contains a lot of information about your purchase and sale of real property but contrary to popular belief it does not conta... Read More

Key Insights

• 🥳 The North Carolina offer to purchase does not contain all the necessary information for a closing, requiring additional communication between the parties and the closing attorney.
• 💁 Failure to return a seller information sheet can significantly delay the closing process, as it is essential for obtaining an accurate payoff statement.
• 😚 Lack of communication can lead to delays on the day of closing, such as not informing the closing attorney about special accommodations or marital status.
• 💁 Providing all necessary information, including special concessions and repairs, in a timely manner can help minimize closing delays.

Questions & Answers

Q: Why is it important to return a seller information sheet?

Returning a seller information sheet is crucial as it provides the closing attorney with the seller's written consent to obtain an accurate payoff statement for their mortgage. Without this statement, the closing cannot happen on time.

Q: What should buyers inform the closing attorney about?

Buyers should inform the closing attorney about any special accommodations needed for the closing, such as a mail away or power of attorney. Failing to communicate these needs can result in delays on the day of closing.

Q: Is it necessary to inform the closing attorney about being married?

Yes, it is essential to inform the closing attorney if you are married. In North Carolina, unless specific conditions are met, a spouse is required to sign at closing. Failing to disclose this information can cause delays and prevent signing all necessary documents and receiving proceeds.

Q: How can failure to provide information about special concessions or repairs delay the closing?

If special concessions, such as a drop in price or seller credit, or repairs that must be completed before the closing, are not communicated to the closing attorney, it can cause delays. Any changes to the closing statement require lender approval, which may take time.

Q: Why is it crucial to send funds on time?

In North Carolina, the deed cannot be recorded until the buyer and lender's funds are in the attorney's trust account. Failure to send funds on time can prevent the closing from taking place and delay the process.

Summary & Key Takeaways

• The North Carolina offer to purchase does not contain all the information needed for a closing, so additional information is required by the attorney.

• If a seller fails to return their information sheet, the closing will not happen on time as an accurate payoff statement cannot be obtained without the seller's written consent.

• Lack of communication, such as not informing the closing attorney about special accommodations or marital status, can lead to closing delays.

• Failure to send funds on time can prevent the recording of the deed until the buyer and lender's funds are in the attorney's trust account.