Buying a new home is an exciting, life-changing opportunity. Many people save for years to gather together the deposit they need for their purchase.
This purchase may be one of the biggest you make during your lifetime, so it’s important that it goes smoothly. There are some risks that you should be aware of to help make sure that your investment really is a good one.
- Concerns at the final walkthrough
During a final walkthrough, you have an opportunity to check that everything you asked for has been handled. Final walkthroughs aren’t required, but they are helpful.
This isn’t a home inspection, but it does give you an opportunity to make sure the home is as described and as you expect based on the terms of your contract. If furniture is still inside or there is new damage that wasn’t there before, it’s possible that you may need to delay closing to address those issues.
- Errors on closing documents
Errors on closing documents absolutely have to be addressed before you close. You should always double-check the loan document, down payment amount, spellings, interest rates, and other information to be sure it’s correct.
- Mortgage delays
Mortgage delays are highly problematic because you won’t be able to purchase your home until the mortgage is in your hands. Just a short delay of a few days or a week could mean you have to ask for an extension on the closing deadline. Some sellers will not be willing to grant one, so make sure your mortgage is ready ahead of time.
- Not having a lawyer
Finally, a major landmine is not having a lawyer to help you through the process. A lawyer experienced in real estate law understands the concerns that may come up and the problems you may run into. By working with one, you’ll be in a better position to avoid major issues like problems with your closing documents or issues walking away from the sale if the seller violates your agreement.
These are just a few of the potential landmines to watch out for when you’re closing on a home. Knowing your rights is important so that you can protect your interests.