Cummings & Lockwood

10 Potential Pitfalls in a Residential Real Estate Closing and How to Avoid Them

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November 2016

Author: Kathleen M. Merrigan

In this presentation, Kathleen M. Merrigan, a residential real estate attorney with Cummings & Lockwood, outlines 10 potential pitfalls in real estate closings and how to avoid them.  The words that nobody wants to hear on the closing day is:  “We had to adjourn the closing.”  This presentation discusses problems that can arise at real estate closings and how they can be avoided by careful planning and preparation.  (10:36)

Presentation Outline

 1.  Title and Municipal Issues

 2.  Walk-Through Issues

 3.  Net Loan Proceeds

 4.  Paying Off a Mortgage

 5.  Delays Due to Lender Issues

 6.  Selling a Coop:  Need the Original Documents

 7.  Special Considerations in All-Cash Purchases

 8.  Federal Estate Tax Lien Release

 9.  Connecticut Estate Tax and Probate Fee Releases

10.  Do the Parties Have Any Remedy for Delayed Closing?