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  • Questions that Salt Lake Home Buyers Always Ask (#3)

    Posted on October 14th, 2010 admin No comments

    We’ve signed all the paperwork and given the title company our down payment check.  Can we get the keys now?

    Probably not.
    Completing the paperwork and making the down payment (called Settlement) is only one part of closing escrow.  The trip point is called Funding.  That is when your lender sends the loan amount in a wire transfer to the title company and the title company confirms it.  Then they notify all the players that they are recording the sale with the county and dispersing funds (called Recording).  Then you get the keys to your Barbie dream house (called Possession).  This all usually happens one business day after Settlement.
    The real estate purchase contract will spell out exactly when possession occurs.  Your agent’s negotiation of this point to your benefit is a key part of the original offer.  Sometimes there is a rent-back, or you may have negotiated extra move out time for the seller in exchange for a better price.
    A buyer with cash can usually get the keys the same day.  And pretty much anything else they want.

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