When a Meridian area resident decides to purchase a home, it is a big deal. After months of searching for the right house in the right neighborhood, it can seem like forever waiting for closing day. Buying a home is a major purchase and it can be nerve wracking worry about what may go wrong. While most residential real estate closings go as planned there are some problems that may arise.
Appraisal
If a house does not appraise for the amount of the purchase price then the sale could be stopped. A bank does not want to give out more money than appraisers believe the home to be worth.
Property title
There can be problems with the property’s title that may be discovered at closing. The selling party may not have the right to sell the property or there may be liens on the property that make it unsellable.
Seller decides not to sell
There are many reasons why a seller may not decide to sell the house. They may have received a better offer, they may have had a change of heart, or many other situations. Depending on the agreement the buyer and seller had before closing, a buyer may be eligible for some form of damages because of the seller’s withdrawal from the sale.
Closing on a home is an exciting time for Meridian area residents. However, not all home buyers get to that point. A legal professional who is skilled in real estate law can work with their client throughout the home buying process. This can ensure that the process goes as planned and there are no surprises at the end.