Experienced. Driven. Effective.

Has the deal for your new home been delayed?

On Behalf of | Oct 5, 2022 | Real Estate Law

You’ve been scanning the housing market for some time now. That dream home hasn’t jumped out of you, until now. You’ve discovered the perfect place and are keen to get on with making a deal.

In an ideal world, you’d make an offer that would be accepted and the business end of things would be over relatively quickly. Unfortunately, things often don’t work out this way and the deal can be delayed. Outlined below are some common causes of real estate delays

Disputes over title

The property you are buying is fairly old and the title seems a little complex. Essentially, the title outlines who has the legal right of ownership to the property. If the seller you are dealing with doesn’t have a strong claim to the title, or there are challenges over ownership, this could put a spanner in the works in terms of you purchasing the property.

Financing issues

Typically, mortgages are granted on a preliminary basis. Your earnings, savings and other financial factors will be assessed and a loan will be granted on this basis. If there are any discrepancies as the deal is going through, then it is possible that your finances could be withdrawn. For instance, if your savings have been reported inaccurately or your income is significantly less than first thought, you may no longer be granted access to the finances you need.

Before placing an offer on a new home, it’s important to ensure that everything is above board. Having some legal guidance by your side can put your mind at ease and help make everything run smoothly.