Real estate transactions can close in as little as an hour, but the reality is that most Tampa real estate transactions take longer. It is possible that some real estate closings take hours, days or weeks longer than parties allowed time for. It is almost like getting out a map, and estimating driving time from Tampa to Orlando without allowing traffic time or the potential impact of weather to play a role in your estimate.
Like the driver who is wise, considering all potential travel delays, the buyer who spends time researching potential problems in advance is most likely to reach the destination as planned. Just keep in mind that real life interferes in even the best-laid plans, meaning there is no fool proof method to guarantee that your real estate purchase will be speedy to close.
Tampa property closing potholes include errors in documents, problems with the timing or amount of transferred money and discoveries made regarding the property.
Every problem associated with a Tampa real estate purchase has a solution, as is indicated by the review below. If a problem falls outside of your area of expertise, keep in mind that it is always helpful to have knowledgeable legal counsel on your side.
Problem: Mistakes in the documents
Document problems can be as simple as a name misspelled or a digit that has been transposed in an address or it could be as serious as problems with the title, or even missing pages with the loan documents. All of these errors can cause delays of hours or even days because everything has to be in order before closing.
Solution: Communicate and review
Work with a Tampa real estate attorney to ensure that you see every piece of paperwork as far in advance of the closing as is possible. Pay particular attention to loan documents, engage with the Tampa attorney regarding possible hidden interests associated with the title and make sure that there are no typographical errors. Never be afraid to ask an attorney when you have questions about a particular document.
Keep in mind that it would be wonderful for Tampa real estate transactions to close in minutes, with little to no assistance from the outside. The reality is that we live in an imperfect world filled with problems that range from typographical to serious in nature, and it never hurts to have a Tampa attorney working in your corner.