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How Soon After Closing Do I Get the Keys?
Closing on a home is a major milestone, and one of the most exciting moments is finally getting the keys to your new abode. But how soon after closing can you expect to have the keys in your hand? The answer depends on a few factors, including the type of closing you have and the lender’s requirements.
In most cases, you will receive the keys to your new home immediately after closing. However, there are some exceptions. For example, if you are purchasing a home that is currently occupied by tenants, you may not be able to get the keys until the tenants have moved out. Additionally, if you are financing your home with a VA loan, you may have to wait a few days for the lender to fund the loan and release the keys.
What is a Closing?
A closing is a legal proceeding in which the buyer and seller of a property sign the paperwork necessary to transfer ownership of the property. The closing is typically held at a title company or law office, and it is attended by the buyer, seller, real estate agents, and closing agents.
During the closing, the buyer and seller will sign the deed, which is the legal document that transfers ownership of the property. The buyer will also pay the closing costs, which are the fees associated with the purchase of the property. Once the closing is complete, the buyer will receive the keys to the property and will be able to move in.
How Long Does a Closing Take?
The length of a closing can vary depending on the complexity of the transaction. However, most closings take between one and two hours. The closing process can be divided into three main steps:
- Review of the documents: The buyer and seller will review the closing documents and make sure that they understand everything. This step can take anywhere from 30 minutes to an hour.
- Signing of the documents: Once the buyer and seller have reviewed the documents, they will sign them. This step typically takes about 15 minutes.
- Disbursement of funds: After the documents have been signed, the lender will disburse the funds to the seller. This step can take anywhere from 15 minutes to an hour.
When Will I Get the Keys to My New Home?
In most cases, you will receive the keys to your new home immediately after closing. However, there are some exceptions. For example, if you are purchasing a home that is currently occupied by tenants, you may not be able to get the keys until the tenants have moved out. Additionally, if you are financing your home with a VA loan, you may have to wait a few days for the lender to fund the loan and release the keys.
If you are not sure when you will get the keys to your new home, you should ask your real estate agent or lender. They will be able to give you a specific timeline for your closing.
Tips for a Smooth Closing
Here are a few tips to help you have a smooth closing:
- Be prepared: Make sure you have all of the necessary documents and funds for closing. This will help to avoid any delays.
- Arrive on time: Punctuality shows that you are serious about buying the property and that you respect the other parties involved in the closing.
- Ask questions: If you do not understand something, do not be afraid to ask questions. This is your chance to make sure that you understand everything about the closing process.
Expert Advice
In addition to the tips above, here are a few expert tips for a smooth closing:
- Get pre-approved for a mortgage: Getting pre-approved for a mortgage will show the seller that you are a serious buyer and that you have the financial means to purchase the property.
- Hire a qualified real estate agent: A qualified real estate agent will help you to navigate the closing process and make sure that your interests are protected.
- Be flexible: Things do not always go according to plan, so it is important to be flexible and willing to compromise.
FAQ
Q: What happens if I cannot attend the closing?
A: If you cannot attend the closing, you can sign a power of attorney that will allow someone else to sign the documents on your behalf.
Q: Can I get the keys to my new home before closing?
A: In some cases, you may be able to get the keys to your new home before closing. However, this is not always possible, and it is important to check with your lender and real estate agent to see if this is an option.
Q: What should I do if I have not received the keys to my new home after closing?
A: If you have not received the keys to your new home after closing, you should contact your real estate agent or lender immediately. They will be able to help you to track down the keys and get them to you as soon as possible.
Conclusion
Getting the keys to your new home is an exciting moment, and it is important to be prepared for the closing process. By following the tips in this article, you can help to ensure that your closing goes smoothly and that you get the keys to your new home as quickly as possible.
Are you interested in learning more about the home buying process? If so, be sure to check out our other articles on the topic.
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