When it comes to dealing with property, it’s imperative to acquire the proper documentation. Title, which gives you the legal foundation to transfer property ownership, is a necessary component in the real estate process. However, there can be delays in the process. Certain circumstances may extend the processing time for escrow and title as they may require additional clearance.
Information About Delays.
The escrow and title process is a delicate period during the exchange of property. Various factors can affect the processing time. Should any obstacles arise there may be additional clearance needed to proceed with the transfer of ownership. Be aware of common delays so that you can take steps to avoid them.
Common Title Obstacles.
There are various circumstances that can impede the title process. From financial woes to last-minute changes, it’s not uncommon to experience a few obstacles when going through the escrow and title process. Common causes for these delays include:
• Last-minute changes in buyers
• Last-minute changes in coverage
• Clearing liens or judgments
• Clearing child or spousal support liens
• Physical inspection findings, encroachments, off-record easements
• Recent construction
• Family trust
• Business trust
• Transfers or loans involving corporations or partnerships
• Proper execution of documents
• Proper Jurats
• Proper Notary seals
• Proper execution of Power of Attorney
• Establishing fact of Death-Joint Tenancy
When it comes to minimizing your risk for these sorts of obstacles, it’s important that you communicate with your escrow officer. Different circumstances require different approaches, and the more informed your escrow officer, the better able they can assist you in closing.
Should there be any information pertinent to the title, share it with your officer. That way when you provide as much information as possible, you have a better chance of avoiding delays.
To learn more about how to handle obstacles when it comes to your title, contact your Fidelity National Title Sales Executive!