When you are buying a home, nothing is as exciting as closing on the deal and getting the keys to the property. That typically happens on closing day, although there could be some things that delay the process.
Depending on the type of loan you have, closing on a house can take an average of 47 days. That is almost seven weeks, and for some buyers, it can feel like an eternity.
Closing day is an exciting day for home buyers and sellers. For sellers, it is typically the day when they receive the proceeds from the sale of their home. For buyers, it is the day they get the keys to the home and move in.
That is the typical closing process anyway. To get the keys to your home or property, there are a couple of things that need to be completed during the closing process. Here is a look at the steps that need to occur:
- Final walkthrough. As the buyer, you will have the opportunity to walk through the property one last time so you can verify the home’s condition. This may happen on closing day or the day before.
- Transferring. You will wire your money, and the lender will wire their money to the attorney’s escrow account on or before the day of closing. Once everything is signed and the lender gives the attorney its authorization, the attorney will pay to the Seller by either check or wire what they are owed.
- Signing documents. On closing day, the buyer and the seller will sign the remaining documents to finalize the sale. The seller will also sign over the deed, officially transferring ownership of the property to you.
- Final recording. The new deed and mortgage documents will be recorded with the county, making the sale official. Once the recording is complete, you officially become the new owner of the property and receive the keys.
Closing day usually only takes a few hours. If everything is wrapped up before 3 p.m. (and not on a Friday), you should get your new keys at closing. If not, then it should happen the next business day.
You may wonder if you could possibly get the keys before closing. Generally, there is no way to get the keys before the end of the closing process. The only exception would be if you and the seller agree on an early occupancy agreement. When this happens, the seller will still own the property, and they will retain a set of keys. Then, at the end of the closing process, the home will officially become yours. The seller will give you their set of keys.
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You will typically get the keys to your new home or other property on closing day, but there may be some exceptions, depending on what happens.
Do not leave closing day to chance. Make sure you are well-prepared with help from the South Carolina real estate attorneys at Blackacre Law, LLC. We will make sure you understand the processes so you can get the keys and move on. To schedule a consultation, fill out the online form or call (864) 775-5400.