By Lisa Glauber Shippel, Esq.
When you finally find the perfect home, the last thing you want is for your closing to be delayed. Unfortunately, even small oversights can cause big delays in the process.
Our team has seen just about everything that can go wrong before closing day. The good news is we can help you avoid, or at least minimize those delays by being proactive and anticipating issues before they occur.
Here are five of the most common reasons closings get delayed and how to prevent them.
1. Missing or Incorrect Paperwork
Every real estate transaction involves a stack of documents, contracts, loan disclosures, title work, insurance forms, and identification. If anything is missing or incorrect, the closing will be delayed until they are correct and in place.
How to avoid it:
Review every document early and double-check details like names, addresses, and purchase price. If something doesn’t look right, speak up right away. Our office always verifies information and documentation as early as possible in the closing process to keep things on track.
2. Loan or Lender Delays
Mortgage approvals can sometimes take longer than expected, especially if the lender needs more information or updated financials. Even one missing document can stall your clear to close.
How to avoid it:
Stay in close contact with your lender and respond quickly to any requests. If you’re paying cash, let your closing attorney know early so funds can be verified and wired properly.
3. Title or Ownership Issues
Hidden liens, unpaid taxes, or inconsistent boundary claims can cause title problems that must be resolved before closing. These issues are more common than most people realize.
How to avoid it:
Always have a title search done by your attorney and purchase title insurance. It protects you and ensures you’re buying the property free and clear of any issues.
4. Last-Minute Contract Changes
Sometimes, parties make changes to the contract right before closing, including how to address repairs, closing credits, or move-out timelines. These can create confusion or require new lender approval.
How to avoid it:
Try to finalize all negotiations well in advance. If changes are necessary, communicate them quickly to your agent, lender, and closing attorney so updated documents can be prepared.
5. Missing Funds or Wiring Errors
One of the most stressful delays happens when money doesn’t arrive on time or goes to the wrong place. Wiring errors can not only delay your closing but also put your funds at risk.
How to avoid it:
Confirm all wiring instructions directly with your attorney’s office, never by email alone. We always verify instructions over the phone to keep your funds secure and your closing on schedule. It may be a hassle to make the call before you send the wire, but it is for your protection.
A Smooth Closing Starts with Preparation
Closings can move quickly and stress-free when everyone is on the same page. Having an experienced real estate attorney ensures every step is reviewed, every form is accurate, and every dollar is protected.
If you’re buying, selling, or refinancing, call Lisa Shippel Law or visit LisaShippelLaw.com.
We’ll help you close confidently and on time.