Settle issues BEFORE Closing

by John on August 16, 2012

RECENTLY, We had a buyer client purchasing a home in Louisville, KY – who was very eager to close (and being pressured by the lender with an expiring “rate lock” issue) request to close before all of the “seller obligations” were complete. In other words, the seller was still working on resolution to several agreed upon repairs. The buyer was willing to close – and have the seller sign a note agreeing to complete things after the closing.

After much discussion, the buyer decided to wait until all of the seller repairs were complete. GOOD MOVE!

Real Estate transactions are ultimately brought to an end at the CLOSING and the “SETTLEMENT STATEMENT” is issued. After the closing, technically the seller has no lingering responsibilities and the buyer assumes all responsibilities with regard to the property. At John Nitzken REALTORS, we STRONGLY RECOMMEND never closing until all matters are settled. It can be extremely difficult and expensive, if not impossible, trying to get a seller to fulfill obligations after the closing.

As so often the case with other things in life, haste can make waste.

Make sure all issues are settled… and then close the deal.

Respectfully,

John

 

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