When Will I Get the Keys to My New Home?
The most exciting thing about buying your new home is attending the consummation, obtaining the keys, and walking through the front door.
So when does this happen?
Keep in mind that consummation (sitting down and signing the paperwork) and closing (when the attorney records the Deed and accompanying documents) occurs in different ways in different states. In some locales you may sit down with your agent and an attorney, or some other professional, to sign paperwork and then receive your keys right there.
Here in North Carolina you normally receive the keys once the closing attorney’s office has received all the paperwork, your loan has been funded (i.e., the money is in the attorney’s trust account and your lender has authorized the disbursal of such), and the recording of the deed and other documents has occurred. You might meet your agent at the house, or be able to pick up the keys somewhere else once closing has occurred and you receive a call to that effect.
Check with your agent as the consummation date approaches so you know what to expect. It’s never good to find out at consummation that you won’t be getting keys at that time, and many buyers assume that this is the case.
We understand that sometimes folks want to get the keys early so they can start moving in, especially if they have movers bringing things. You will have to obtain permission from the sellers in order to do this, and often they are unwilling to do so because of liability issues. But there are exceptions so speak with your real estate agent in advance. Communication between the buyers, sellers, and their respective agents is of utmost importance with respect to the turning over of the keys. A general guideline is that for consummation that occur at or before 2:00pm, documents will generally be recorded around 4:30pm that same day. For consummation occurring 3:00pm or later, documents will generally be recorded the next day.