If you’ve ever wondered why it takes so long to close on a property between the contract signing to the closing is finally scheduled, it’s because there’s a lot that happens in between one step and the other.
Before you signed your purchase agreement, your realtor should have explained that your buyer’s contract contains three primary contingencies in it.
While you may be pre-approved for a loan, your lender will generally have to perform an appraisal to make sure that they’re only lending you what your home is worth. Your lender will generally require you to have your future house inspected for any major flaws before they’ll put up any funds as well.
Some home closings are delayed because an inspector discovers defects that need to be corrected to make a home habitable. There may be other flaws that do not affect a home’s structural integrity or main systems but that a buyer still requests for a seller to make. The time that it takes for repairs to be made may delay a closing.
If the home that you’re slated to buy is located within a newer community such as a subdivision, then it’s the responsibility of the seller to get the homeowners’ association covenants to the buyer. The amount of time that a buyer is given to review such documents varies depending on the jurisdiction. A prospective homeowner may want to pull out of their purchase contract and can generally do so if it contains information that they’re not comfortable with.
Many factors can delay a residential real estate closing here in New Haven County or anywhere else in Connecticut. If it’s during the wintertime, for example, a complete inspection may not be able to be performed on a house’s utilities, especially if a particular jurisdiction doesn’t allow for them to be turned on at certain temperatures. This can push back a closing as well.
A residential real estate law attorney can advise you of the additional processes that have to play out in between you making an offer on a home and closing on it. It can be helpful to have an attorney that you can trust by your side to help you early on in the homebuying process from reviewing your contract to wrapping up your deal. This will ensure that you’re completely aware of what’s happening along the way.