The buyer’s Lawyer pays your Lawyer, and then the buyer is registered on title and then will receive the keys to the property.
The buyer’s ownership is when the title has been conveyed and they then have the legal authority to access the property, and their insurance kicks in. This could be noon on closing day or 5pm…all depends on when the buyer’s bank sends the funds to the lawyers and what the Lawyers schedule is like that day. If the Lawyers have a lot of closings that day or are in court for the morning, it could be a late afternoon closing. Just be prepared to be out early…Noon would be a good target.
It is a day filled with nervous anticipation. This is the day on which all of the legal and financial promises in the offer are met. It’s a day you pack with patience. Your representative and your lawyer will give you all of the details on steps and timings. All of the small details will be taken care of ahead of time, so in most cases, it will be a day of packing, cleaning, and getting the garbage disposed of (not left at the curb).
Remember to leave all your extra keys, including mail, garage, shed and garage remotes on the kitchen counter for the new owners. If you have a super mail box, write down the location of it for the new owner. If you are leaving a garage remote with keyless entry…write down the code for them. Same goes for the alarm code…even if it’s disconnected, they still may need it. Leave any manuals for appliances included if you have them.
Also, remember that this is a hectic day for the buyer too! Most often it is moving day for them too and they’re trying to gather all of their belongings to move in.
If you are closing a sale and a purchase on the same day, delays are not uncommon. If you are paying a mover by the hour, it will add up quickly. Many clients ask if they can get possession in the morning. Keep in mind that there are hundreds of homes closing every day. Don’t be anxious if you have not heard anything by noon. Expect the keys in the mid-afternoon and if they arrive earlier, it’s a bonus!
Keep all your closing documents in a safe place. Some of the expenses may be tax-deductible.
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