Our firm once handled a closing scheduled for 6 pm on the Friday before a long holiday weekend. The buyer explained that he had been living in his RV for the past two weeks as he was re-locating from the Midwest. He was excited to complete his closing so he could get his keys and move into his new house over the long holiday weekend.
He was shocked and upset to learn that he could not get his keys even though he had just signed hundreds of papers to complete his home purchase. But even though he had signed the papers, including the deed, the late hour prevented anyone from going to the courthouse to have the deed and mortgage recorded. Just as important, the seller had not yet received the proceeds from the sale since the bank handling the financing was closed for the night.
The buyer was upset. The prospect of spending the long holiday weekend in his RV was something he was not prepared to do.
One of the most overlooked components of a real estate transaction is what happens when the ink dries on the stack of papers everyone signed during the closing.
Buyers typically think they get keys right away. But before they can get the keys to the property they just purchased the monies need to exchange hands and certain documents may need to be recorded to. In this day and age funds can often be wired to financial institutions very quickly. But if a closing happens at 6 o’clock on a Friday the possibility of the seller getting paid, and documents getting recorded, that same day is slim to none. Which means the buyer isn’t getting his keys until after the long weekend.
As we have discussed in the past, the closing process can be a nightmare with all the paperwork involved and tasks to work through. However, closing and finalizing your real estate transaction does not have to be a nightmare. Our firm is happy to provide you with ample communication and convenience to help you have a smooth real estate transaction.