When it comes to buying a property, new homeowners are frequently eager to be given the keys to their home. We understand that buying a house is an exciting time for people who have recently purchased, regardless of if this is the first time for them to be handed over the keys to a property. In this article we will give you an overview of the process following when you close, as well as a run down of how long after you close that you get given your keys.
What is the closing of a house?
Closing is the phase in the home selling process when money and documents are transferred so that ownership of the property can be transferred to the buyer.
When is the closing date?
The closing date refers to the date that ownership of the property is officially transferred from the seller to the buyer. Needless to say, it is a time that many new homeowners look forward to and are excited about. The home closing process is the steps outlined in the sale contract which must be undertaken from the time that you accept the buyer’s offer up until the closing date.
What are the steps to closing?
Before closure, new property owners must complete negotiations and accept an offer from a buyer. After that has been undertaken, there are several stages which must be complete. This includes doing a title search and obtaining title insurance. Essentially, this is a review of public records to ensure that you are the legal owner of your property.
Another step is to complete the home inspection. Strictly speaking, a home inspection is not essential, but many buyers would insist on it to ensure that there are no background problems with the property. The inspection is undertaken soon after you accept the buyer’s offer.
What are important points to note?
Sellers of the property should ensure that the property reparations are undertaken, and the agent should be informed of these. They should usually be made prior to the home inspection to avoid any possible issues.
How long after closing do you get the keys?
After having an offer accepted, the time it takes to get the keys to your first home can vary. Nevertheless, most buyers can expect to close from a month to two months after. Most transactions close within a matter of days of the estimated closing date.
On completion day, you will usually be given the keys between 9am to 11am, depending on where you are in the chain. If you are the first buyer in the chain, you will expect to get the keys sooner. For every step down the chain that you come, there is usually an extra hour added to this.
Essentially, the time after closing until you get your keys may vary. However, we hope that this article has served as a rough guide. To find out more about buying and selling properties, check out more of the articles on FastCash4Houses.
