I’m here at closing, where are the keys to my house?

Thursday, February 16, 2012

An important thing to remember for a purchase closing is that just because the buyer has signed the closing documents, the property is not the buyer’s yet.  Generally the following items need to happen in order for the buyer to get the keys to the home:  Buyers and sellers sign all applicable paperwork for the lender, the closing attorney’s office notarizes the signatures, the buyers bring their certified funds to closing (if applicable because there are loans available where the buyer doesn’t bring money to closing!), the lender verifies that all funding documents are received, the lender gives the attorney the authorization to access the wired funds for the loan, the attorney then checks the title search one more time for newly recorded judgments or liens and then records the deed and the mortgage.  Now it is officially the buyer’s home and the buyer can get the keys!  There are occasions when the seller will go ahead and give the keys to the buyer at closing or before but don’t assume this is done on all closings since the seller is taking some risk in allowing the buyer in the property prior to the title transferring.  IN my opinion, it is better to close a purchase in the morning so there is time to complete the above items and have everything recorded prior to the register of deeds closing at the end of the day.  If you have a late afternoon closing, be prepared for the recording to happen the next business day.  For more questions on this or other topics, please contact me.