Buying a home is an exciting step for a potential Alabama homeowner, but there are certain things that can stand between the buyer and his or her goals. If you are about to sign on the dotted line or make an offer, you will want to learn as much as you can about the closing. This is the final step between you and the key to your new place, but you may have to clear certain hurdles first.
When you know what to expect, you will be equipped to deal with the challenges you may face in your effort to buy a house. You may think that once the seller accepts your offer that you are in the clear, but that may not necessarily be the case. It is in your interests to know what to expect, potential issues that could arise and what you can do to minimize exposure to legal and financial risks.
What could go wrong?
Closing is the last step in the home-buying process, but several things could happen between now and then. There are an average of 30 days between when the seller accepts your offer and the closing, and some of the things you may have to resolve in the meantime include:
- The appraised value of the home came in too low, and you have to enter into new discussions about the sale price of the home with the seller.
- A termite inspection revealed damage or an infestation, and the seller will have to resolve the issue and provide proof the issue is resolved.
- An inspection of the home revealed that there are problems a seller will have to fix, or you may decide the damage is too significant to continue.
- There are issues with the financing that could delay the closing or cause the transaction to fall through altogether.
- There are active liens or other claims to the property that could delay the process of you completing the purchase.
These are only a few of the issues that could come up between the time you make an offer on the property and the scheduled closing. Working with an attorney experienced in the closing process can help you avoid expensive setbacks and other problems that could stand between you and your ultimate goal. Buying a house is a major legal transaction and financial commitment, and you would be wise to make sure you have the guidance you need at every step of this process.