When you are shopping for a home and applying for a mortgage, the moment you likely keep on picturing is the one when you receive the keys to your new house. Those keys are like a tangible symbol of homeownership. Once you have them, you can finally unlock your front door and move into your new residence.
But when does that actually happen? Do you get the keys to your new home on closing day?
The answer to this question is that generally, yes, you can receive the keys to your home on closing day. Let’s take a closer look.
What to Expect on Closing Day
First of all, the closing process as a whole is pretty lengthy. On average, you can expect it to take somewhere around 40 to 49 days. But thankfully, the conclusion of this process, closing day itself, is much faster. You can expect it to be around several hours.
What happens during those few hours?
- You finish signing all of the paperwork. This will include documents such as the deed, the title review, and the mortgage.
- You transfer the money for the down payment on your home along with any closing costs you owe (you can use a wire transfer for this step or a cashier’s check). Closing costs may include property taxes, escrow fees, flood certification, home appraisal, lender fees, and title and attorney fees.
- There is also a final walkthrough process which is incredibly important to pay close attention to. You do not want to rush this.
Hypothetically, after everything listed above is completed, you should be able to get the keys right away on that same day.
But here’s the thing—there are situations where you may not get the keys that day.
For example, if it is after 3 in the afternoon when the closing is finalized, you probably will have to wait to get the keys until the following business day. The same may be the case if it is a Friday, even if closing is finalized earlier.
The reason for the delay typically has to do with financing. Basically, your transaction may not be completed in time. The funds need to be fully transferred before you can get the house keys.
Another scenario where you might not get the keys on closing day is one where you agreed to a contingency where the seller does not have to immediately move out. If that is the case, they get extra time, and you have to wait longer for your keys.
Regardless of when it happens, receiving your keys is a momentous occasion. As you feel them drop into your hand, you will know that you have achieved your dream and finally own your own home.
Let’s Make Your Dreams of Homeownership Come True
Now you know a bit more about what closing day entails, and when you are likely to receive the keys to your new home.
Still haven’t gotten started on the mortgage application process? Give us a call, and we will walk you through it. To schedule your consultation, please contact PLC today at 954-840-8811. We work with homebuyers in Cooper City, Davie, Pembroke Pines, and throughout South Florida.