What Are Common Issues That Arise During Real Estate Closings?
Whether you’re buying or selling a house, you’re probably concerned about any issues that might arise during the closing process. Rest assured that while certain problems are fairly common during closings, having an experienced real estate attorney on your side can help, as they can navigate any obstacles and make it as easy as possible for you to transfer ownership. Below are three of the most common issues that arise during real estate closings:
Outstanding Encumbrances
Certain encumbrances can prevent a property from being sold if they’re not resolved prior to closing, including unpaid:
- Contractor work (also known as mechanic’s liens)
- Homeowners Association (HOA) fees
- Judgments
- Taxes
One of the best ways to ensure that there are no unsatisfied encumbrances on your property is to perform a title search. Buyers may also want to consider purchasing title insurance to protect themselves in case any encumbrances are discovered after closing.
Probate Problems
Certain issues can also occur when the property being sold was previously owned by someone who passed away. When someone dies, their property generally becomes part of their estate, which must then go through probate before the property can be sold. Unfortunately, if there are multiple heirs to a property and not all of them want to sell the home, it can cause problems and could potentially even result in a defective title.
Boundary Disputes
If an error occurs when performing a land survey, it can cause confusion about where the property’s boundaries actually lie. To avoid issues like this, you may want to request a new property survey prior to closing to confirm that you have accurate information regarding property lines. If necessary, you should also prepare and file a corrective deed to help ensure that public records include the correct legal description of the property (in addition to incorrect boundaries, errors could also result from misspelled names or addresses).
The Team to Trust With Your Real Estate Closing
If you’re planning to buy or sell a home in the Tampa Bay area, you can turn to The Lyons Law Group, P.A., for assistance with your real estate closing. We’ve been serving local residents since 2008, and we’re proud to represent clients from Pasco County, Hernando County, and nearby communities.
Not only do we offer the same services as a title company—issuing title insurance, holding escrow, and preparing the documents needed for title commitment—but we also represent clients in negotiations, draft supplemental documents, and provide legal advice. Our experienced real estate attorneys will do everything they can to help you avoid the issues described above, and if you do happen to encounter one of them, they’ll work hard to resolve the problem as efficiently and effectively as possible.
Contact The Lyons Law Group, P.A., today to learn more about the real estate closing services we offer for buyers and sellers in the Tampa Bay region. Our friendly team can tell you more about our firm, answer your questions, and arrange a time for you to attend a free initial consultation at either of our offices (in New Port Richey, FL, and Spring Hill, FL).
