New York City real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/7-things-that-can-go-wrong-at-a-closing-how-to-prepare-yourself/) explaining the things that can go wrong at a closing. The lawyer mentions that buying a new home marks a new beginning and adventure down the road. However, with the regulations, contracts, and fees, the process can also be incredibly stressful.
According to the New York City real estate attorney, “Unexpected predicaments can pop up, especially at closing, which can further delay the process of setting foot in your new abode. Thus, it is important to prepare yourself for obstacles at closing, so that you can tackle them both efficiently and quickly. Take note of all legal documents with a detail-oriented eye, and maintain your health so that your brain is sharp and alert, you should mentally prepare yourself for issues that can occur at closing and make your purchase less smooth and accessible than desired.”
The lawyer explains that one thing that can go wrong at closing is getting a low appraisal. The buyer’s lender often requests an appraisal of the home. If the appraisal is under the agreed-upon price, the buyer may be forced to make up that amount. There may be additional fees post-contract that may apply so it is important to have extra cash on hand.
Attorney Natalia Sishodia adds that it is also important to know that based on location, some lenders may request that the buyer purchase a high-risk insurance plan. This plan will be in place to protect the property from natural disasters and other complicated conditions. The buyer must always make sure to check the area and stay up-to-date on any location woes that might demand obtaining high-risk insurance.
In the article, attorney Sishodia says that a few other things to keep in mind that may go wrong at closing are mistakes in legal documents. There may be common errors such as misspelled words, erroneous information, mathematical issues, and tampering with pages. There may also be last-minute requests from the lenders.
According to the real estate attorney, “In life, it’s common to experience unexpected obstacles, especially with regard to money, career, and familial arrangements. Unfortunately, such major transitions can interfere with your ability to secure a loan. Even if the buyer is pre-approved for the loan, it’s possible for the lender to change the terms or void it entirely, which in turn will delay closing. Such reasons include career change, debt to income ratio alterations, divorce, and abnormally large and sudden purchases.”
Lastly, attorney Natalia Sishodia emphasizes how important it is to seek the help of an experienced attorney when it comes to real estate transactions. Having a skilled real estate attorney may help ease the burden of understanding complex terms from the customer and may guide them into making a more informed decision.
About Sishodia PLLC
Sishodia PLLC’s team of professional New York real estate attorneys pride themselves on their ability to navigate complex real estate laws and intricacies to offer the most comprehensive advice and guidance possible for their clients. The lawyers at Sishodia PLLC take time to fully understand each client’s unique goals and circumstances, minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.
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Sishodia PLLC is a boutique New York real estate law firm offering experienced, individualized legal solutions to clients ranging from first-time homebuyers to seasoned real estate investors.