If you are buying a home, you likely have feelings of excitement, and perhaps some anxiety. The purchase of a home, whether it is the first home or not, is a significant transaction. Those in your position want to solidify the ownership, get the keys on closing day, and take physical possession of their new property. But what is the time frame for these actions? Let’s look at what happens near and on closing day, and answer the frequently asked question of: What is the time of keys handover after closing on my real estate?
What Is a Closing?
If you are purchasing a home, your closing day is the day all parties sign the paperwork and the government officials transfer the deed to your name. It is the date you will hear batted around by your real estate agent and real estate legal issues lawyers, as it is the ‘big day’ culminating your wait to own the property.
Be sure that you are prepared for your closing day. If you’re working with veteran real estate legal issues attorneys, they will advise you regarding things such as:
- Where the closing will take place,
- What fees you will need to pay at the closing,
- How you can submit those fees (i.e., check, money order, wire transfer, etc.), and
- The necessity of having with you your valid license or passport.
By paying attention to the above, you will be doing your part to help ensure a seamless process.
What Happens on Closing Day?
Though the closing day is exciting, with reason, it is also sometimes tedious. There can be a mountain of paperwork to sign and a list of items to take care of. For you these include:
- Reviewing all closing documents;
- Asking questions about anything you do not understand or have concerns about;
- Double checking all identifying information, such as spelling of your name;
- Signing all closing documents (with the notary); and
- Handing over fees the closing process requires of you.
The seller and other parties will do their part as well. Then, the legal closing occurs when the county government records the deed and makes recording numbers available.
The part you as a buyer may most anticipate, however, is when the seller or their agent hands over to you the keys (and security codes, if applicable) for the home.
Do I Get Keys on Closing Day?
During the whole process of purchasing a home, your greatest concern may be, when you get the keys to your new home. In general, once your deed and mortgage are recorded, you get to receive the keys from the seller. In some closings, the exact time of exchange of keys and occupation of the property is listed (i.e. 9 PM on the day of closing). The seller may also choose to provide the keys before the deed is recorded, especially when all other steps are completed.
What Could Delay a Closing Once the Closing Process Starts?
If the closing does not finish, you may not get the keys on that date. There is always the unfortunate possibility of health, weather, or other emergency occurring during the closing that will delay its finalization. In addition, sometimes administrative issues (incorrect paperwork, lender not prepared, etc.) affect a closing process. You cannot control these things. But you can rest assured that the law firm you are working with will work to move the closing forward as soon as possible.
What You Can Do to Help the Closing Go Smoothly
There are a few issues that you have some control over that can help ensure that closing in progress finishes that day and you get your new keys.
First, be careful regarding your financial responsibilities for closing. You need to present the correct amount of money to cover all required costs. In addition, some sellers will understandably choose not to hand over the keys if you present a personal check. They will want to be sure the check is cleared by their bank. Be prepared to do a wire transfer or bring certified funds.
Secondly, agree to a morning closing time, even if that is not your preference. Your ownership is not in place until your local government records the deed. This is not generally a complex or time-consuming task. However, if you close late in the afternoon, the signing and funds exchange may not finish during business hours. As a result, the legal team cannot record the deed until the next business day.
Finally, having representation by a law firm with a focus on real estate will help ensure fewer problems at closing. Engage a skillful and experienced real estate legal issues lawyer to be by your side and help you give you answers to questions like, What is the time of keys handover after closing of my real estate? or How soon can I get my keys?
Once I Have My Keys on Closing Day, Can I Move In?
Once you have your keys to your new home, you can usually head on over to the property. After all, it is your home now! However, there could be exceptions that you have agreed to.
You and your attorney may have made an agreement for the now former owner to rent back the home for a defined period of time. In this case, even though you now own the property and they are a renter, you would want to let them know you are coming to view the property.
Also, sometimes the old owner may request that the buyer take possession a few hours or days after the closing. If you have agreed to this, you must honor this request and not expect to move in right away.
Real estate legal issues lawyers understand the big picture and minute details of real estate closings. Make sure you have strong representation during your real estate transactions so that you can rest assured that your closing will happen on time and that your rights will be protected during the process. Your lawyer will complete every legal step with care and work for you to get your keys on closing day!
Bolan Law Group.: Service Marked by Integrity, Experience, and Skill
The attorneys with Bolan Law Group., provide outstanding representation to businesses and individuals throughout western Washington. In our many decades of legal practice, we have always put our clients’ interests first. Because of our vast experience and exceptional skill level, we handle all levels of legal action, from simple transactions to complex issues and disputes. While always working to find the simplest solution to a legal dispute, we will fearlessly take issues to court when needed.
If you would like to discuss a legal issue with one of our attorneys, please contact us. You can request a consultation by calling (253) 470-2356 or via our online form. As a firm of the utmost integrity, Bolan Law Group., guarantees that we will be straightforward with you and never sell you legal services you don’t need.