10 Closing Day Surprises Buyers Should Be Ready For
Closing day is often the most anticipated step in the homebuying process. After weeks or even months of searching, negotiating, and securing financing, buyers are finally ready to make it official. But even at the finish line, unexpected issues can arise that delay or complicate the transaction. To help you prepare, here are 10 common closing day surprises you should be aware of—and how an experienced real estate attorney can help you avoid them.
1. Missing or Incomplete Documents
Closing requires a significant amount of paperwork, from the closing disclosure to the deed and loan documents. If anything is missing, incomplete, or contains errors, the transaction could be delayed. It’s important to review all documents ahead of time and work with professionals who ensure everything is accurate and complete.
2. Last-Minute Credit Changes
Your lender will typically run a final credit check just before closing. If you’ve opened new lines of credit or made large purchases—like furniture or a car—it could impact your loan approval. Buyers should avoid any significant financial activity from loan approval through closing.
3. Title Issues
Unexpected title issues—such as liens, unpaid taxes, or conflicting ownership claims—can halt a closing. A thorough title search is essential to uncover these issues ahead of time. Purchasing title insurance can also protect you if a claim arises after closing.
4. Wire Transfer Delays
Many buyers wire funds to cover closing costs and their down payment. However, delays or errors with wire transfers can prevent funds from arriving on time. Be sure to verify transfer instructions with your closing agent and send funds early enough to avoid timing problems.
5. Unexpected Closing Costs
While you’ll receive an estimate of closing costs beforehand, final amounts can vary due to prepaid items, taxes, and other fees. Be prepared for these numbers to shift slightly. Reviewing the closing disclosure with your attorney can help you understand exactly what you’re paying.
6. Problems During the Final Walkthrough
The final walkthrough is typically conducted within 24 hours of closing. If the property is damaged, items haven’t been removed, or agreed-upon repairs haven’t been made, you may need to delay closing or negotiate a resolution on the spot.
7. Seller Delays
Sellers occasionally encounter issues that prevent them from closing on time, such as problems with their new home or last-minute legal concerns. In these cases, you may need to renegotiate timelines or address breach-of-contract options.
8. Errors on the Closing Disclosure
Mistakes in the closing disclosure—such as incorrect interest rates, loan terms, or tax figures—can lead to delays. These documents must be corrected and reissued, and in some cases, the law requires a waiting period before closing can proceed.
9. Missing Signatures or Parties
All necessary parties must be present and prepared to sign closing documents. If someone fails to show or lacks valid ID, the process could be stalled. Confirm attendance and documentation requirements with all involved well before the scheduled date.
10. Lender Not Funding on Time
Sometimes, the lender doesn’t release funds on the day of closing due to internal delays or additional document requests. If that happens, you won’t receive the keys until the transaction is funded, even if you’ve already signed.
Protect Yourself With Legal Guidance
Buying a home is one of the most significant investments you’ll make, and closing day should be a celebration—not a source of stress. Working with an experienced real estate attorney helps ensure all documents are correct, your interests are protected, and potential issues are resolved quickly.
Contact The Lyons Law Group, P.A., today to schedule a free consultation. With offices in New Port Richey and Spring Hill, we assist buyers across the Tampa Bay area with real estate closings, title reviews, contract preparation, and legal support every step of the way.
