A title closing on a piece of real estate is an exciting prospect when buying a home. However, closings don’t always go as planned. When the closing date gets pushed back, this can be frustrating for both the buyer as well as the seller. Below are a few of the reasons why the sale of a home may be delayed.

4 Reasons Title Closings Are Delayed

1. Problems With the Appraisal

The lender you’re receiving funding from will require an appraisal before providing the loan. However, the person selling the home and the bank may be at odds when it comes to valuation. In this case, creating a new, more accurate contract can hold up the title closing.   

2. Title Issues

There may be a lien against the property that no one was aware of until the title search. There could also be problems related to non-payment of property taxes or ownership. Remember, title insurance only covers the new owner going forward, so existing issues will need to be worked out first. 

3. Funding Hang-Ups 

It’s important to ensure that the bank has received your down payment and additional costs before the closing takes place. In some instances, minor hangups involving errors, such as the mortgage falling through, can delay payment and put off the closing as a result.

4. Incomplete Repairs

If the home inspection reveals structural issues, the seller may agree to complete necessary repairs before the title changes hands. Some repairs, such as those that compromise the safety of a home, must be completed by the closing date, to avoid delays. 

First Financial Title Agency of Minnesota ensures your title closing goes off without a hitch. Their title search process looks for existing problems so you're fully aware before the closing date. When you need title insurance, they’ll help you find an affordable and comprehensive policy. They help home buyers and sellers in Burnsville, MN, create flexible closing deadlines, allowing ample time to get documents in order. Schedule a consultation today by calling (952) 831-5010 or visit their website to get started on your quote.