Real Estate DelaysHow To Prevent Delays When Closing A Greater Vancouver Real Estate Deal
[This article is published by the Author of this Blog as well as SoldByJark.com, he can be reached at: jark@soldbyjark.com, 604.790.9945, or at soldbyjark.com]
When buying Greater Vancouver real estate, it is very frustrating to face delays at the close of a purchase. You may be forced to change your moving date and make other arrangements at the last minute. There are some things that you can do, however, to avoid this situation from happening at your close. The items here are just the tip of the ice-berg. For a complete list of things to check off on your list please contact me at my contact above.
Mortgage
Ensure that your mortgage is in place well ahead of time to avoid last minute delays. Avoid making bulk purchases and borrowing large sums of money before your mortgage is finalized. Banks don't like to see credit being applied for when you are applying for a home loan. It raises a big red flag about your ability to make your repayments.
Plan your Greater Vancouver real estate purchase at a time when your life is stable. If you are about to have a baby, in the middle of a job change or other life-changing event, you may encounter problems with the financial institution.
Legal Advice
You need to engage the services of a qualified and experienced Greater Vancouver real estate lawyer right from the word go. Most delays are caused by problems with the property title. These can be claims against the property, ownership disputes, lawsuits, liens on the property and so on. A thorough search and investigation of the property should be done by a lawyer before a purchase is considered.
The lawyer should also go through all of the final paperwork and advice you accordingly. There may be hidden charges that you may not have noticed due to the legal jargon in the paperwork. All of your real estate transactions should be carried out formally with supporting documentation, a great lawyer and real estate agent by your side and a good paper trail left behind.
Inspections
Make sure that you carry out a thorough inspection of the property before making an offer. Use the services of a home inspector and have a clear agreement with the seller about repairs and who will be responsible for handling them. Remember, some repairs can work to your advantage and help you negotiate a better price for the property.
In a nutshell, to prevent closing delays you must be well prepared. Make sure that all the paperwork is in place and all other factors are in place to make the buying process as smooth as possible without any unnecessary delays. I can help you with this. Let me know if closing delays are a concern for you and I will do everything possible to keep delays out of the picture.
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