Escrow Thursday: Escrow Issues That Could Delay Closing

Escrow Issues That Could Delay Closing

There are several issues that could delay your closing while your property purchase is in escrow.

1. Month End closings. Buyers are trying to save money on the prepaids that they pay in escrow. With a huge traffic jam at the end of the month the extra work often delays the closing and the buyers do not save in the long run.

2. Lender requirements and indemnifications. Some lenders require the original notarized signatures from all parties, including real estate brokers.

3. Good funds law: money should be local and accessible.

4. The lender’s loan documents are received by escrow too late to accommodate the arranged closing time and date.

5. Seller paid closing costs allowance exceeds the lenders allowable limit.

To be continued…

 

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