Closing Process

The Closing Process: What Can Go Wrong?

Jun 22 2015

You’ve searched for months for that perfect home, gone to open houses, haggled with the seller about the price, and now you are finally ready to buy. As a homebuyer, the closing process can be an exciting time, especially if this is your first home purchase. But even this day can come with its snags and pitfalls. Often, these issues are easy to fix. Other times, they can become a nightmare. Here are a few common issues that may arise, along with tips to avoid or fix them:

Delayed Loan Package

Chances are, you are mortgaging your new home. If so, your closing agent will need the loan documents to complete the process. Your lender assured you that they are ready to close, and that your loan package would be ready on the closing day. Yet, when you get to the closing agent’s office, the loan package is not there.

To avoid this situation, be in contact with anyone who is involved in the loan process to make sure they have all the documents they need. The day before or the morning of the appointment, call your lender and make sure the transaction is complete and paperwork is ready to sign. If you hire a diligent closing/title agent, they will also be constantly in contact with your lender ensuring that the loan package will be ready on the closing day.

Last-Minute Walk-Through Discoveries

It’s the day of or the day before your closing, and you simply want to walk through your soon-to-be new home one more time. The former owners are finishing packing up and getting ready to leave. As such, a little mess is to be expected. But instead of the normal clutter, you find that the sink has been ripped out of the wall, there’s a hole in the ceiling and a myriad of other issues have arisen that were not there before.

You need to bring this information to the attention of your closing agent and Realtor as soon as possible. They can assist you to assess the damages and renegotiate the deal, often tacking on the charges as a credit to you at closing. Your closing agent can also help you get an extension of the closing date if you do not feel comfortable closing until these issues are resolved. However the damage is handled, do not move forward until the sellers agree to compensate you or fix the damages.

Title Issues

An issue with the property’s title can be detrimental to a sale if not properly handled. An example of a title issue is a lien on the home due to an unresolved debt. These types of matters can typically be negotiated or paid off by the seller at the closing table. A more complex example is if a probate is required in order to convey clear title, or court approval is required for the sale.

It is imperative that you hire an experienced and diligent title agent to conduct a title search on any home you are seriously considering to purchase. From credit card liens to unresolved code violations, a skilled title agent will be able to dig up whatever skeletons are buried in the home’s history. Once you have that and you move forward with the purchase, title insurance will protect you from anything that the search may have missed.

For title searches, title insurance and other services, trust the professionals at Marina Title. We are an attorney-owned and operated title company, and can help you through every aspect of the buying process to make sure you get the home you want at the right price — and without any surprises. For more information, drop us a line at (305) 901-5628 or reach out to us by email at

    Contact Us


      Contact Us


      Featured oN