I have signed my closing papers, so when do I get the keys?

Keys to Your New Home

First of all, it is important to understand what happens so that you get the keys.  There is a lot more than just signing the closing documents.  Lots of people behind the scenes are working diligently to help buyers and sellers finalize the sale.  So we want to clearly explain this process prior to your closing.  Keep in mind, this article assumes the loan type uses the Closing Disclosure format.

Prior to Closing Steps

After the purchase closing, when do buyers get the keys

Closing, funding, & recording process explained

  • Final underwriting approval
  • File moves to the closing department
  • Our closing department and the attorney / settlement office coordinate figures
  • Closing Disclosure provided to the buyer at least 3 days prior to closing
  • All borrowers must acknowledge receipt of the Closing Disclosure at least 3 days prior to closing
  • Loan officer and buyer discussion
    • Explains the numbers for closing
    • Answers any questions
    • Prepares the buyers for closing
    • Explains how to bring funds to closing
  • Buyer wires funds to closing attorney’s account (some attorneys will take certified funds check)

Day of Closing Steps

  • Lender wires funds to closing attorney
  • Sellers have usually signed their documents by closing
  • Sometimes out of town sellers could cause a delay in signing the deed
  • Buyers, loan officer, and agent attend the closing
  • Certified funds check?  Give it to the attorney
  • Also provide your driver’s license for identification.
  • Attorney or title company thoroughly explains the documentation with buyers
  • Buyers sign all documentation
  • Loan officer is there for answering any questions or handle any issues that arise
  • Attorney notarizes paperwork
  • So this is when the question comes.  So do I get the keys now?  Technically, not yet!

Recording the Deed and Mortgage

  • Attorney updates the title search to ensure there are no new liens, judgments, or other issues
  • Deed & mortgage are recorded
  • Now you are an owner and can get the keys!
  • Attorney provides a copy of your paperwork.  Keep these for your records!

So now it is officially the buyer’s home and the buyer can get the keys!  Furthermore, there ARE occasions when the seller will go ahead and give the keys to the buyer at closing or before.  Although, don’t count on this.  Sellers are taking a risk by allowing buyers to move in prior to deed recordation.  Furthermore, in our opinion, it is better to close a purchase in the morning.  This provides the attorney more time to record the deed and mortgage on the same day.  Finally, if there is a late afternoon closing, recording may be the next day.  Therefore a little longer for the keys.

Key Reminders for Closing

  • Do not bring cash to closing
  • Remember, anyone on title and/or spouses must attend closing
  • Power of Attorney approval very early.  So don’t mention at closing!

Ask our Mortgage Experts How a Purchase Closing and Mortgage Loan Funding Works!

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Author: Russell Smith

Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.