Buying a home is a complex legal and financial process, and complications can arise at any point. Setbacks and unexpected issues can cost both parties time and money, even at the very end. The closing is the last stage of buying a home, and there are specific requirements that must be met in order to complete the final step. When things go wrong during the closing, it can compromise the entire transaction.
Potential issues that may arise
Various problems can stop the closing from happening, affecting both the buyer and the seller. After weeks or months of inspections, paperwork, mortgage applications and more, setbacks can be disheartening. Some of the most common issues that arise at this stage include:
- The bank refuses to pay some of the purchase price of the home.
- The bank will not pay all of the purchase price of the home.
- An inspection revealed major problems with the home.
- There are outstanding issues with the title for the house.
- The buyer is unable to get insurance on the home.
- The seller backs out of the transaction at the last minute.
A Tennessee buyer will be less likely to encounter problems during the closing by working closely with an experienced attorney throughout the process.
The benefit of legal guidance
There are significant benefits for a buyer in working with an attorney throughout the purchase process. Buying a home is a major legal and financial commitment, and avoiding problems is crucial. Knowledgeable representation is prudent at every step, from the initial contract negotiation to the closing.