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Disclosure Laws >Avoiding Delays During Escrow
Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. Stay in close touch with your real estate agent, who will notify you of deadlines and help you deal with delays.
Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender may require insurance before funding the loan.
There is also a section in the sales contract wherein the seller makes a warranty to the buyer of the condition of the property. It is important to make sure that this clause is modified to reflect the seller's transfer disclosure statement. If this is not done, the seller could be required to repair items that are found to be dysfunctional or faulty, and this could add time to the escrow period.
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What does the term Curb Appeal mean?
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This term describes how homes look from the street; this first impression is very important to prospective homebuyers. |
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The Mike Robinson Team
Royal LePage Team Realty
484 Hazeldean Road
Kanata, ON. K2L 1V4
Phone: 613-592-6400
Fax: 613-592-4945
Email: Mike@MikeRobinson.ca
The Mike Robinson Team offers extensive knowledge and experience of the Ottawa real estate market. It is their objective to help clients make decisions that are in their best interest while supporting the clients real estate dreams and goals. This business model has created a “client for life” atmosphere with over 65% of their business coming from repeat clients or referrals from past Buyers and Sellers.
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