Top 10 Issues that can Delay Your Closing
The closing of escrow takes the cooperation of many parties, including the home buyer, seller, lender, escrow officer and title company. Here is a summary of the Top 10 Issues that can Delay your Closing.
1) Statement of Information
A Statement of information should be filled out and given to the title company as early in the process as possible.
2) Changes to the Purchase Contract
Submit all contract changes, omissions and modifications to the lender and escrow officer as soon as possible
3) Proof of Homeowner’s Insurance
Follow up with escrow after contacting your insurance company to ensure the proper documents were received.
4) Termite Clearance (If Required)
Confirm whether or not Termite is required. If it is, make sure evidence of the inspection is delivered to escrow quickly.
5) Homeowner’s Association Certification
Obtaining the certification from the HOA may take several weeks. Get started early.
6) Vesting Instructions
Make sure you know how you want to take ownership of your property before you sign docs. This information must be provided to the lender and escrow officer to finalize the transaction
7) Acquiring New Credit or Debt
Do not acquire any new debt or credit line while in escrow.
8) Employment Verification
Make sure your loan officer has the correct name and phone number of your company’s human resources representative.
9) Reviewing the Closing Disclosure
Review the closing disclosure immediately upon receipt and compare the loan terms and various fees with your original loan estimate. Address changes as soon as possible.
10) Buyer’s Certified Funds
If you are cashing in a mutual fund of liquidating a stock brokerage account to finance your purchase, start this process early so funds will be available to close.