When it comes to buying and selling a property, there many stages are involved which may seem complicated and overwhelming to people who have not undergone this process before. From new terms to varying lengths of time in the process, we can understand why many people find the process of buying a home overwhelming. One question many people could have is related to closing and when you get given the keys to your new property. In this article, we aim to bust any myths related to this topic and give you an overview of what to expect at this stage.
What is completion day?
Completion day is the final step for both the buyer and seller of the house. It is the day on which the money is transferred, and the buyer will receive the keys to their new home. If you are the buyer, likelihood is that you are feeling excited, or anxious, or both about completion day. It is the day that everybody has been building up to and chances are that you have been waiting a considerable amount of time for the sale or purchase to be pushed through. The main pieces of advice we can offer are to stay calm and be prepared for all occurrences.
What happens on completion day?
In a nutshell, there are three main stages of completion day. Firstly, the buyer’s solicitor receives the mortgage from the mortgage lender and the balance to complete from the buyer. Secondly, the buyer’s solicitor sends the completion monies to the seller. Finally, the seller releases the keys to the buyer.
What could go wrong on completion day?
As with all stages of property buying and selling, there is the potential for things to go wrong. Most of these issues are related to finances. They include having no mortgage money, having no completion money, no signed documents, and having no money from the buyers.
The best advice we can give is to ensure that all your documents have been signed and thoroughly checked through, and to ensure that your finances are all in order.
Who do you get the keys from?
Usually, you will collect the keys from the estate agent following completion. However, you may also collect them directly from the sellers. It may be a good idea to speak with the estate agent to find out if they hold all the keys to the property and if not, confirm where the seller will be so that you can collect the keys following when they have been released.
Do you get the keys on the closing date?
The contract terms will lay out when you can move in after closing. Frequently, this will be immediately after the closing appointment. The new owner will receive the keys and head directly to their new home. However, in other situations, the seller could request any time between 30 to 60 days of occupancy after the closing of the home.
At FashCash4Houses, we are here to support you every step of the way in buying or selling your property. To find out more, get in contact with us today.
