You’ve been searching for a new home now for several months, and you finally found something that’s perfect for you. The house is an ideal size and it’s in a great location. You’re ready to move forward with the deal.
Unfortunately, real estate transactions can be complex at times. Outlined below are a couple of factors that can delay a real estate transaction.
Disputes over the title
Purchasing a house involves a significant sum of money, and you really want to get everything tied down legally. One thing that you want to be sure of is that you have access to a clear title. If there are any doubts over the title to the property, you could spend vast amounts of money only to lose ownership through a title claim later.
The seller backs out
Real estate transactions are governed by contract law. All parties must adhere to their side of the bargain. You pay an agreed amount for the property in return for receiving ownership. Sometimes, it can be difficult to move out of the family home, especially if a family has been there for years. The seller may get cold feet at the last minute and decide to pull out of the deal. If this occurs, then it’s best to seek some guidance to clarify whether or not their reneging on the deal is lawful.
When making your next move, it will benefit you to have help from someone experienced in the field of real estate law. This will help ensure that the process runs as smoothly as possible.