Jun 16, 2014

Tip 9-2014: How to Avoid a Potential Closing Delay

The real estate world frequently involves a tremendous amount of stress. That stress is often exacerbated if there are delays in the closing. One way to avoid a delay in closing is to make sure that any and all contract amendments are provided to both sides of the settlement as soon as the amendments are signed.

Remember that lenders need complete and accurate documentation in order to satisfy underwriters, so changes in the original contract need to be communicated as soon as possible. In fact, an even better practice is to alert the closing agents of a forthcoming amendment. That way the settlement attorneys or title companies who are handling the closing can be aware of future changes.

Of course, normal closing issues may arise and cause delays, but providing legible copies of amendments as soon as they are signed is one cause of a delay that can be easily avoided. As always, communication between all of the parties involved in the closing will help ensure a smoother settlement.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA

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