How Long Does It Take to Get Keys to Your New Home?
QUESTION: When does the buyer receive their keys after purchasing a home?
ANSWER: The short answer is that most homebuyers receive the keys immediately after closing, but others won't have them for a few days. In certain states, a buyer takes possession of the home once the local government has the new title on file.
Closing day is when homeownership transfers from the seller to the buyer. When the buyer gets the keys depends on where they live. This could take several days once both parties sign all the papers.
On the day of the closing, both the buyer and seller do a walk-through. Once both parties are happy with the walk-through, they fill out the final paperwork.
Afterward, the money is distributed and the deed to the property is recorded. Once these steps are completed, then the buyer receives the keys, with a few exceptions. If the closing occurs later in the day, usually after 3 p.m., the funding might not occur during regular business hours, so the seller might not receive the money until the following day. As a result, the buyer might not receive the keys until the following day.
The seller and the buyer might also negotiate a different date to exchange keys. For instance, the seller might want to rent back the home for a few days or the buyer might take possession of the home early in exchange for waiving some earnest money.
Knowing when you take possession of a home is an important step in your planning. If you are unsure when you secure the keys, make sure you reach out to a real estate professional for assistance.
Sources: Nclegalcounsel.com, Realtor.com, Hunker.com |