Ensuring A Smooth Closing Process
In theory, once you have signed all of the necessary paperwork and have handed over a check, the real estate closing process should be finished. However, people make mistakes or are sometimes unclear about how the closing process works, leaving them unpleasantly surprised. At Blackacre Law LLC, our attorneys can help guide you through the process, letting you know what to expect and helping you avoid any surprises.
Four Closing Surprises
- Further document review: When all of the closing documents have been signed, there are still certain documents that must be reviewed by the bank before we are allowed to write any checks. This additional step is designed to protect your interests. However, it is important to keep in mind that any transfer of funds is not immediate.
- Signing a contract before having it reviewed by an attorney: Few people take the time to read the fine print before signing a contract. However, the terms of a signed contract are binding whether you have read everything or not. Too often, people enter into a contract and then ask a lawyer to review the terms after it has been signed. At this point, there is very little that can be done. Having an attorney review a contract before you agree to anything can help you avoid unpleasant closing surprises altogether.
- Lenders have different requirements: All lenders carry out the closing process differently. Each one has different forms and specific instructions that must be followed before there is a release of money. We can let you know what to expect from the lender involved in your closing transaction.
- Wire transfers are not instantaneous: Just because you have pressed “Enter” on your keyboard does not mean that a wire transfer has been completed. A process is still carried out once funds have been moved from a bank or from your account. A wire transfer may take anywhere from 15 minutes to hours to actually complete the process.
Avoid Unpleasant Surprises. Contact Us Today.
Having legal counsel guide you through the closing process can be invaluable. To schedule a consultation, call our law offices in Greenville at 864-775-5400. You may also submit our online contact form.