Title closing on a house is an exciting event for many first-time homeowners, but it’s also a complex legal process filled with potential pitfalls. Even seemingly minor errors in the days leading up to the closing can throw off the schedule and lead to significant financial costs. If you’re buying a home, here are some of the most common mistakes to avoid.

What Are Some Common Errors During Real Estate Closings?

1. Missing a Deadline

The purchase agreement you signed should include a detailed timeline of each step that should be taken during the entire process. Missing a deadline to have the house inspected, buy insurance, or submit necessary paperwork can force you to push back the closing date. Not only is this inconvenient and stressful, but failing to complete the necessary steps could actually nullify the sale, costing you the house.

2. Making Major Purchases

In the days before the closing, you may be tempted to invest in some new appliances, furniture, or other items for the new home. Unfortunately, lenders will usually check your credit one last time before issuing a mortgage. If the underwriting process isn’t completed, anything that changes your credit rating can cause the bank to rescind their loan offer.

3. Not Reading the Title Report

Liens, competing claims, and other title defects can derail a sale, but many problems don’t come to light until the last minute. Your title closing company should produce a preliminary report, which is usually only sent to the lender.

However, they’ll give you a copy on request, so review it carefully for any red flags. Asking questions now can identify problems before they cause the sale to fall through.

If you need a title closing company to help with your home purchase, contact First Financial Title Agency of Minnesota Inc. in Minneapolis. Since 1989, they’ve prided themselves on helping customers throughout the South Metro area to eliminate common issues and prevent unnecessary delays. Visit their website to learn how they can streamline your title closing, or call (952) 831-5010 to make an appointment today.