Recently, Infinity Abstract and Title held a public informational seminar that was hosted by Blick Law Firm. The seminar provided some great tips and educational information regarding real estate closings, and the expired 1099 deficiency waver law. Licensed Title Agent Debbie Macias engaged the audience with exceptional knowledge and advice, along with Certified Public Accountant, Kevin Krueger.
Infinity Abstract and Title’s Debbie Macias administered an educational discussion about what should be avoided to help ensure a smooth and successful real estate closing. While all problems cannot be anticipated, Debbie provided the audience with a helpful list of “Red Flags” to look out for in their transactions.
The “Red Flags” include:
- Divorce or Separation
- Bankruptcy
- Foreclosure
- Recent marriage of seller or buyer
- Liens or judgments against property owners
- Death of property owners
- Easements obtained or given since purchase of property
- Known encroachments
- Sellers or buyers that will not be present at closing
- Power of attorney
- Trusts
- Shared driveways
- Foreign sellers
- Guardianship or incompetence of seller
A real estate closing is the final step in the home buying process, it is important to be aware of the timeline of requirements that take place upon completion of the closing.
The buyer must first open an escrow account with a neutral third party to ensure that the buyer fully intends to complete the sale. The next five steps are necessary to protect the buyer’s interest in the home. These steps include: completing a title search, purchasing title insurance, the completion of a home and pest inspection, negotiation of closing costs, and finally locking the interest rate of the mortgage.
Once these steps are completed, it is necessary to consult a real estate attorney before moving forward with the purchase process. An experienced real estate lawyer is able to provide legal guidance, and can decipher the complex language involved in most closing documents. A real estate lawyer can also help to identify the “Red Flags” that can interfere with your closing, as well as deal with unexpected complications that may arise.
If you or a loved one is considering purchasing a home, call Blick Law Firm today at (888) 973-2776 to schedule a free 15-minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!
