When does a new homeowner actually get the keys?

On Behalf of | Feb 27, 2024 | Real Estate Transactions | 0 comments

When someone is buying a new home, one of their main questions is when they actually take over ownership. After all, buying a home can be a long process. They need to get pre-approval for a mortgage, conduct a home inspection, make a purchase offer, negotiate with the seller, get final approval and much more. So when in this process are they actually going to get the keys?

Generally speaking, this happens at closing. The homeowner will sign the paperwork and finalize the transfer of the title. They will then be presented with the keys and they can leave the closing meeting and go directly to their new home if they would like. Some people even move in the same day, although many will delay it until a later day.

You could get the keys after closing

Depending on the specifics of your situation, there are times in which you may be given the keys well after closing, not on that day.

For example, some sellers will negotiate so that they get a few more months in their home while they purchase a new home. If you already agreed to this type of arrangement in the purchase contract, then you don’t actually take ownership of the property until the aforementioned date – even if you closed long before that. So it is very important to understand the specifics of the contract that you’re signing and exactly what will be required of you.

Working through the process

In some cases, there can be confusion or disagreements about exactly what was agreed upon and when the home will change hands. This is why it’s so important to understand all the legal options you have while going through a transaction.