Navigating a residential real estate closing can be complex. Certain life events, such as divorce or probate situations, can add an extra layer of complication.
In Georgia, where real estate laws and procedures are specific, it is important to understand how these life events can influence the closing process.
Divorce and property division
Georgia has 2.2 divorces per 1,000 people. The division of marital assets, including the family home, during divorce can significantly complicate a residential real estate closing. Determining ownership and negotiating the division of the property can prolong the closing process. Clearing up any outstanding issues related to the divorce settlement, such as property liens or encumbrances, can result in a smooth closing.
Probate and inherited property
Probate situations can also pose challenges to a residential real estate closing. When property owners pass away, their assets, including real estate, go through the probate process.
If the deceased individual did not leave a clear will or if there are disputes among heirs, the probate proceedings may delay the sale of the property. Additionally, potential buyers may encounter difficulties in obtaining a clear title during probate, affecting the ability to secure financing and finalize the transaction.
Title issues and delays
Both divorce and probate situations can give rise to title issues that need resolution before a residential real estate closing can proceed. A clouded title, unresolved liens or conflicting claims to ownership are common challenges that may arise. Resolving these issues may require additional documentation or negotiations.
Buyers and sellers must be ready to address potential complications arising from these life events to ensure a successful and timely transaction.