Does closing on a house mean you get the keys? The closing process is complex and can seem overwhelming to first-time buyers. If it’s your first time buying a house in the area, you might be wondering how soon it becomes yours so you can officially move in.
In this post, our realtors at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss when you get the keys to your new home, how long the closing process takes, and what to expect along the way.
Key Takeaways:
- No, closing on a house does not mean you get the keys to it right away. The closing process can take anywhere from 30 to 60 days, with an average length of 47 days.
- You won’t receive the keys to the home until closing day, which is the last day of the closing process. This is the final day when you and the seller will meet to sign the remaining paperwork.
- The new deed and mortgage documents will be recorded with the county, making the sale official. Once the recording is complete, you’ll officially take possession of the property and receive the keys.
Does Closing On a House Mean You Get the Keys?
No, closing on a house does not mean you get the keys to it right away. Once negotiations are over, a final asking price is agreed upon, and a purchase agreement is signed, you’ll enter the closing process.
This process tends to be the longest part of a real estate transaction and can take anywhere from 30 to 60 days, with an average length of 47 days. It involves communicating with your lender, hiring a home inspector, conducting a title search, getting homeowners’ insurance, and more.
Meanwhile, the seller focuses on getting their home up to standard. For example, taking care of any repairs that were discussed and making sure the home is in the condition specified in the purchase agreement. They’ll also gather relevant documentation and fill out key paperwork.
You won’t receive the keys to the home until closing day, which is the last day of the closing process. This is the final day when you and the seller will meet to sign the remaining paperwork and do one last walk-through of the property. Then, you will transfer the funds to the seller and they’ll give you the keys to the home. At this point, ownership of the home is officially transferred to you.
What are the Steps in the Closing Process For Buyers?
- Official Loan Approval: Whether or not you already have pre-approval from your lender, at this point of the process the lender will take the necessary steps to fully approve the loan amount.
- Appraisal: Before receiving your loan, the lender will likely order an appraisal to ensure the home’s market value matches the purchase price.
- Home Inspection: Even if the seller has already had a pre-inspection done on the home, it’s important for you to conduct your own home inspection.
- Title Search and Insurance: A title company will do a title search to ensure there are no outstanding liens, claims, or disputes on the property’s title. You’ll also have to purchase title insurance to protect against any undiscovered title issues.
- Open Escrow Account: You’ll need to open an escrow account with your title company. This account will hold all the necessary funds in the transaction, including the earnest money deposit.
- Home Insurance: Take a look at homeowner insurance policies and choose a plan that’s right for your needs.
- Closing Disclosure Review: A few days before closing, you will receive a Closing Disclosure outlining all the final costs and fees of the sale. Be sure to review the disclosure carefully with your realtor and/or a real estate attorney before signing.
- Select a Closing Date: You and the seller will agree on a date for the final closing day.
On Closing Day
- Final Walk-Through: The buyer will have the opportunity to walk through the property one last time, either on closing day or a day or two before. This allows you to verify the home’s condition.
- Transfer of Funds: You’ll officially receive your loan amount and the funds will be transferred to the seller via a cashier’s check or wire transfer. Typically, sellers receive the money a day or two after the closing date.
- Signing Documents: On closing day, you and the seller will sign remaining documents finalizing the sale. The seller will also sign over the deed, officially transferring ownership to you.
- Final Recording: The new deed and mortgage documents will be recorded with the county, making the sale official.
- Possession of Property: Once the recording is complete, you’ll officially take possession of the property and receive the keys.
Our Team Makes it Risk-Free to Buy a Home in Ocala
Having an experienced real estate agent at your side can ensure a smooth, stress-free closing process. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team have worked with thousands of home buyers in Ocala and North Central Florida.
We know exactly what to do to guide our clients through closing and into their dream homes. Our experience is only one reason we’re ranked as the top realtor in Ocala. In addition, we offer unique buyer guarantees that make the buying process risk-free, like our Buy it Back Guarantee.
To learn more about working with Your Home Sold Guaranteed Realty - Coldwell Real Estate Services to buy a house in Ocala or the surrounding areas, call 352-290-3512, or fill out the form on this page.
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