Whether you’re buying or selling real estate, one of the best ways to ensure a smooth transaction is to hire the right professionals, particularly when you’re getting ready for closing. There are so many important details that have to come together, and you can’t afford to leave anything to chance as you approach your closing date.
Buying and selling real estate isn’t a quick process, and for good reason. A valuable asset is changing hands, as well as a lot of money. Most transactions run smoothly, with both the buyer and the seller operating in good faith. But sometimes you’ll encounter title defects (known commonly as title clouds) that can bring ownership into question. If title clouds are discovered, they must be resolved prior to closing.
Chances are you’ve never heard of 1031 exchanges, but if you own an investment property and plan to sell it and purchase another, doing so as a 1031 transaction could be to your advantage. But prior planning is a must because the rules are complex, rigidly enforced, and can result in severe financial consequences for mistakes in execution.