Congratulations! You've found your dream home in Vermont and survived the pre-closing hurdles. But hold on a second – closing day isn't always smooth sailing. Unexpected issues can arise, turning what should be a joyous occasion into a stressful scramble. Here at the Peet Law Group, we've seen it all, and we're here to guide you through the potential pitfalls and ensure a smooth closing.

Common Closing Day Headaches (and How to Avoid Them):

1. Unexpected Walk-Through Woes: Did a leaky roof or some other issue with the house suddenly appear during your final walk-through? Having a pre-determined resolution process outlined in your purchase and sale agreement can save the day. Your attorney can also help negotiate a resolution.  This could involve seller repairs, price adjustments, escrow of seller funds or even contract termination if the issue is major. 
2. Credit Check Conundrum: Lenders sometimes pull a last-minute credit check. If your credit score has mysteriously dropped, due to a reporting error for instance, having your real estate attorney communicate with the lender can help prevent delays. It’s best not to apply for any new consumer credit until after the closing.  Don’t run up your credit cards and the new car loan or furniture loan can wait a few weeks.
3. Employment Verification Elusive: Similar to the credit check, employment snags can occur. A prepared attorney can advocate for you and work with your employer to expedite verification. The period immediately prior to your closing is not the time to quit your job even if you’re switching to a new job unless your loan officer knows well in advance.
4. Lender Lags Behind: Even the most reliable lenders can face hiccups which can delay your closing. An attorney can stay in close contact with the lender, identify the problem early on, and work towards a quick resolution.
5. Seller Gets Cold Feet: This is a rare but devastating occurrence. A well-drafted purchase and sale agreement with penalties for seller back-out can offer some compensation, but an attorney can also explore legal avenues to enforce the sale.
6. Last-Minute Liens Loom: A surprise lien on the property can derail closing. A thorough title search conducted by your attorney should uncover liens beforehand. However, if a new lien appears at the last minute, your attorney can determine its validity and explore resolution options.
7. Wire Woes: Wire transfers can be nerve-wracking and take longer than you expect. Double and triple-check all routing numbers and account information. Your attorney can help reassure everyone if your wire transfer or the lender’s wire transfer shows up late.
8. Insurance Impasse: Sometimes, homeowners insurance coverage can fall through at the last minute which can stop the closing.  An experienced attorney can help navigate communication with the insurance company and explore alternative options.

Why You Need an Attorney on Your Side:

While some closing issues may seem minor, they can quickly snowball into major headaches. A qualified real estate attorney anticipates potential problems, protects your rights, and ensures a smooth closing.