Kawartha | It also gives you time to consult with your lawyer or housing counselor and ask all the questions you might have about the terms of your mortgage. Funding can occur at closing, an hour later, or, if closing is scheduled at the end of the day, even the next day. The purchaser will officially receive the keys to the new home; the vendor will receive the money from the sale. If you are moving into a condominium and require the use of an elevator, be sure to contact the manangement office well in advance of the Closing Date to reserve an elevator. That’s not always possible. Let’s be honest: The home-buying process is an enormous time-suck. Toronto | I was a closing agent and title officer in PA for many years so this is one thing that I do know. York | What is a home appraisal, and why do I need one? The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. You go to the bank the day before closing and arrange to have your down payment transferred directly to the closing agent. You and your spouse will likely be excited as your mortgage closing date approaches and the home of your dreams is almost within your grasp. Once they approve the funding items, the closing department authorizes the attorney to access the wired funds for the loan. So, when can you finally get the keys? Chatham | That's nonsense. Get a free price quote. But before you can make this sale official (and get paid! Generally speaking, you should not plan on obtaining the keys until mid-afternoon on the day of closing. A cashier’s (NOT personal) check for the total amount due on the HUD-1 Settlement statement (more on this below). And it’s not the end of the world. If the deal falls apart, they may have to “undo” their move. Niagara | It varies. You now own the house, and that fact is undisputable thanks to the government record of ownership. Celebrate! In short, you can get the keys and move in when all the following happen: The listing agent (the seller’s agent) will have possession of the keys to your new home. Yep, you get your keys the day you close. You're about to close on your next home. Home inspection checklist: What to expect on inspection day, What to look for in a home inspection: Recognizing the deal breakers. 8 Things you can do right now to prepare to buy a house. If you close at 4PM, you can receive keys at 9PM. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates. “If you close on a Friday, then you’re waiting until Monday to do everything. But before you can make this sale official (and get paid! He or she can do the hand-off in a number of places: at the property, at his or her office, at a Starbucks — whatever. In some cases, the seller may request a few days after the official closing with which to move out. If something seems odd or you just don’t understand it, this is the time to ask questions. It all comes down to the final days of the loan process, which can seem like an eternity. In fact, if you read the standard NWMLS contracts that are used in most transactions, possession of the property transfers to the buyer at 9PM on the closing date, offering some time for the sellers to finish their move-out on closing day. What Does a Title Company Do When a Closing Occurs?. That way you leave yourself some wiggle room. Warrantable & non-warrantable condo mortgage rules updated, Multifamily homes: Make your house pay for itself, Safe neighborhood: How to check it out before buying a home, Considering a home with a long commute? For these pitfalls in your offer, is the waiting few days after the long weekend when closing! Depending on whether there are any problems application process, and have a really bad home inspection for buyers but... 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