Who is liable for mistakes at closing?

Parties. The purchaser and seller are ultimately responsible for the accuracy of the settlement statement. The purchaser and seller are the only two parties intimately involved in every part of the transaction. The seller is aware of liens attached to the property and the amount of any taxes or assessments owed.

Is the closing date in a real estate contract?

A very common real estate myth that both buyers and sellers often believe is that the closing date in a real estate purchase contract is actually when the closing will occur.

What causes a real estate deal to fall through?

Prior to a closing occurring there are many documents that are reviewed, typically by the attorneys for the buyer, the seller, and the banks attorney. A real estate deal can fall through due to issues with these closing documents. The most common issues with the closing documents relates to the title of the property.

What is an example of a closing being delayed?

For example, if a closing is delayed because an attorney didn’t order the survey until the week of closing, do you think the buyer, seller, and real estate agents are going to be happy? The answer is obviously no. This is only one example of how professionals in a real estate transaction “drag their feet,” some other examples include;

What to do if your real estate closing is delayed?

If you’re selling your home, one way to help reduce the risk that your real estate closing is not delayed is to advise your attorney to perform the title search once you’ve received a purchase offer.

A very common real estate myth that both buyers and sellers often believe is that the closing date in a real estate purchase contract is actually when the closing will occur.

How to avoid problems with a closing agent?

Prevention: Bring it You can avoid this issue entirely by bringing your down payment in the form of a certified or cashier’s check. (You can’t use a personal check, so don’t even try that.) Or, simply arrange the wire or bank transfer of funds so it reaches the closing agent a couple of days early.

For example, if a closing is delayed because an attorney didn’t order the survey until the week of closing, do you think the buyer, seller, and real estate agents are going to be happy? The answer is obviously no. This is only one example of how professionals in a real estate transaction “drag their feet,” some other examples include;

Can a bank appraisal delay a real estate closing?

A bank appraisal is part of a real estate transaction anytime a buyer is obtaining a mortgage. It’s also critical that you understand that there are common problems with bank appraisals. Problems with a bank appraisal are a very common reason why a real estate closing can be delayed.