Deal Breaker at Closing

[Michael Weis]

What are some reasons you would walk away from a deal on closing day? Have you actually done this and are willing to share your experience? Curious how often this happens and when it does what type of repercussions can be expected? Some things that I think would make me walk away are previous debt either tax or HOA trying to get added on last minute, Newly disclosed property damage. What are your thought?

[Scott L.]

When I closed a mortgage to buy my personal residence in 1998 the title company wouldn’t let me sign with my Mont Blanc pen that my wife bought for my birthday...because it wasn’t blue. There is absolutely no legal reason why this had to be. Since we were moving out of our apartment in 1day I needed the keys so I relented. But swore that if this happened again, especially for an investment property I would get up and walk out the door. If the seller tried to sue for performance, I would reference the refusal of the title company to accept my signature as presented and challenge them to produce the legal authority they have to refuse my signature in black ink....or purple crayon for that matter. Now at my last couple closings the title company offered me a pen to sign with and since I didn’t have my lucky pen...I took and signed. Maybe be 51 instead of 31 gives off more of a “don’t mess with me” attitude. :-)