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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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Arlene and Thomas Gonnella
Weichert, Realtors
505 Millburn Avenue
Short Hills, NJ 07078
Office: 973-376-4545 x190
Cell: 201-306-1357
Res.: 973-379-5289
Fax: 973-912-0072
Arlenegonn@aol.com
Arlene is the #1 Agent in the Millburn/Short Hills Market for 2004, 2005, 2006, 2007, 2008 and 2009 per GSMLS and the #1 Agent in the Entire Company for 2002, 2004, 2005, 2006, 2007, 2008 and 2009   
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