On average, it takes 30–45 days for a real estate closing on a house or to finalize your property settlement deal. This period includes the time your loan processing begins.
Things may not always go according to plan. Either due to circumstances beyond your control or a failure to follow due process in acquiring your property. Are you wondering what can delay your real estate closing? Here are a few factors that are worth noting.
Reasons for Real Estate Closing Delays
Bank delays
A setback for a real estate closing on a house could sometimes be due to some delays. these can be from banks, financial institutions, and lenders in general. And either because of slow loan processing applications or internal factors that hinder them from meeting settlement deadlines.
The institution might play a role in this regard. It could also sometimes be on the buyer if you fail to submit the required documents or follow due processes.
An inability to submit relevant paperwork to the bank on time can pose problems in the long run. This gives the lender no option but to delay the real estate closing process. This is in order to ensure everything is adequately reviewed and approved.
It helps to seek the services of a capable mortgage broker to oversee all the paperwork. This will avoid these needless delays. They are experts who will guide you on Mortgage Programs as you prepare to acquire a house.
Delays in transfer documents
As you make moves to purchase a property, you should remember to prioritize your Transfer of Land documents. This legal process takes a maximum of six weeks to complete. But the transfer period can be shorter if only you get started earlier. Look into the services of MB Law to assist you with the process.
Deferring the submission date of your signed documents could end up delaying your property acquisition even further. This makes it essential for you to begin the process as soon as possible to complete your property settlement.
Concerns with final inspections
As a buyer, it is best to express concerns about a property you are considering as soon as you identify any issues. The law allows you to inspect the house before the settlement date.
In most cases, you will need property inspectors to do the assessment either on your behalf or in your presence. Either way, these inspections are time-bound, and you must stick to the schedule.
If you are unable to communicate feedback about the results in time for some reason, this may affect the real estate closing process. And it will delay the property settlement procedures.
Should you detect structural defects or significant faults that need repair works, these could also push the settlement date. The property should be in the exact excellent condition you first saw it that convinced you to purchase it.
If any change does not sit well with you, it is prudent to communicate it. But bear in mind that this will affect your closing date.
Final Thoughts on Real Estate Closing Delays
In conclusion, one of the most significant things you can do to stay within the schedule is to be organized and plan. Follow set plans and avoid missing appointments in connection with your property acquisition.
Moreover, stick to a reliable and credible mortgage broker to limit or eliminate the possibilities of undue delays.