Closing Date Process

Meme80

Registered User
Messages
59
Hi all,
Just wondeirng what exactly happens on the "closing date" when buying a house? The closing date on our contract is 3 weeks away and just want to make sure that I understand this correctly that we will actually get the keys and be allowed into the house from that day forward?
 
Here's one I made earlier - it is from the sellers perspective but you'll get the drift.

Closing dates tend to be aspirational only - depending on circumstances, they can vary and move. It all depends on both parties being ready, willing and able. I have had clients change closing dates to facilitate holidays and hair appointments. Some people are very, very selfish and have no interest in facilitating others!



mf



Selling


Client to do - to prepare for closing

Empty property save for items agreed with purchasers to be left

Obligation to provide vacant possession - purchasers usually do a pre closing inspection to confirm

Meter readings for solicitor/purchaser

Re-direct post

Any life cover on mortgage? To be cancelled or maintained

Cancel mortgage direct debit

How is closing/ completion effected?

Parties agree that they are both ready and able to complete

Solicitors confirm that all necessaries are in order.

Vendors solicitor obtains redemption figures for the mortgage

Purchaser's solicitor confirm he is in funds to complete

On a specific day at a specific time, funds are transferred over in exchange for title deeds, keys, vacant possession

and clear searches

The transaction is then closed. Purchaser is entiteld to take possession

Auctioneer is advised that spare keys ( if any) can be handed to purchaser

Mortgage is redeemed

Balance of funds to client
 
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