How to Overcome Closing Delays – FOR SELLERS
Last week we shared tips on how to overcome closing delays for buyers. If you missed the article, you can see it on our blog at www.WeSellLeduc.com/blog. This week we’re focusing on how to overcome closing delays that may arise on the seller’s side.
Have a current RPR & Compliance. A Real Property Report (RPR) is a complete report on a property prepared by an Alberta Land Surveyor. It shows the dimensions of all property boundaries, structures and buildings, fences, and other items such as utility right-of-ways, and encroachments from neighboring properties. Once an RPR is complete, it must be sent to the City for compliance. A compliance letter ensures that everything in the property is set out according to bylaws.
It’s important that an RPR is ordered at least 4-6 weeks prior to the possession date. If ordered late, you risk the RPR not being completed on time. Before a property closes, the seller must confirm with their lawyer that everything on the property is current. A possession can be delayed in the event the RPR is not current, meaning a new building or structure has been built and/or moved since the time the RPR was originally completed.
Complete agreed upon repairs. Sometimes during a home inspection, a buyer discovers a large list of repairs needed for the property. When this happens, a buyer may request in writing that some of the repairs be completed. Often we see a deadline for these repairs to be done at least 2 or more days prior to possession. Depending on the number of repairs needed, a simple follow up call may be sufficient to confirm completion. Other times, when a substantial list of repairs is required, the buyer may request a walk through prior to possession to confirm they are complete. Either way, it is important for all things agreed to in writing be followed through on, otherwise you could experience costly delays.
Clean title. Real estate purchases come with a transfer of title from the original owner to the new one. A land title can include any registered individuals to the property, mortgages, liens, caveats, easements, utility right of ways and more. For a title to transfer to the new owner certain criteria must be met, such as any mortgages and/or liens be paid out, registered owners on title agreeing to the sale, etc. A property without a clean title is virtually unsalable.
If your property is listed with a Realtor, most will pull title to see what is registered on it. When pulled early, this added time allows an opportunity to correct any concerns (when applicable) that are on title. This helps to foresee unexpected surprises and ‘clean them up’ in advance.
Information shared is based upon our real estate experience, however, not every real estate transaction is limited to just the options above. If this article raised questions, feel free to give us a call. If you’re in the market to buy or sell a home and don’t already have a local, hard working, professional Realtor working for you, it’d be our pleasure to help! Feel free to contact us today!
Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time. For more info on this topic or others related to real estate contact LIKE our Jason Rustand Team Facebook page, call Jason direct at 780.919.0004, email firstname.lastname@example.org or visit WeSellLeduc.com