closing...

D

djr

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evening all,

sorry if this question has been asked before... but i have a quick query as regards legal ownership of a house. at what stage is the house "ours" ? we have a closing date on the contracts that we signed last friday week that stated the sale closed on the 26th (this friday coming).

it was our understanding that this meant we would sign off the last few bits of paper, and would be presented with the keys.

is the closing date the official handover of the property, or is it just a legal term used to signify a final date at which all finances must be in order?

thanks,

d.
 
Closing is normally final signing of the contracts by both parties at which point you get the keys. Maybe you signed last Friday but the seller did not? Your solicitor should be able to explain matters to you if you are confused.
 
thanks for the prompt reply clubman, yes we already signed initial contracts, but they had not been counter-signed. that is due to happen this week afaik. when documents have been counter-signed by the vendor, and returned to the buyers solicitors, is there more stuff to sign?
 
also, forgot to mention that when we signed the contracts, they were the initial print of them. they were to be forwarded onto the vendor after we signed them, and then returned to us once they had been counter-signed.
 
If you have signed the final contracts and they will be countersigned by the seller this week then I presume that's it in terms of signing things. However I don't understand the bit about initial drafts. You would be better off asking your solicitor what happens next and if you have to sign anything further.
 
The closing date is usually the date keys are handed over. However you should not for example arrange to have movers ready until you have your solicitor confirm you are really set to close on that date because there can often be minor matters that cause delays.
 
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