With so many moving parts in any real estate transaction, it’s easy to see how myths and misconceptions about homeownership and the purchase process can begin to circulate among friends, family, and the internet.
As real estate attorneys at Silverberg | Brito, PLLC, we’ve heard our share of them and wanted to dedicate a series of blog posts to debunking a some of the more common real estate misconceptions that we’ve been asked about. This first post? Getting at the heart of the matter – when do you get the keys?
We get the keys at closing, right?
The keys. The tangible symbol of homeownership and your reward for weeks (or longer) of endless paperwork, daily disruptions, and digging up every possible document of your financial past.
While the common assumption is that you get the keys at closing, this is not always the case. In fact, it’s usually at least a few days after signing all of the closing papers before you have the keys in hand.
There are two primary reasons for the delay in getting your keys. First, you have to wait until the deed has been officially recorded with the county before ownership is officially transferred. This formality, while it can seem frustrating when you are anxious to move in, is important as it puts you on record as the new owners of the property. By purchasing title insurance, you’ll also be protected in the event that ownership comes into question in the future.
Secondly, all monies, including those from your lender if you are taking out a mortgage, must have exchanged hands. While most wire transfers happen relatively quickly, there are delays that can extend beyond normal business hours.
Once it is confirmed that your deed has been recorded and the loan has been funded, then you finally get your keys. While the wait can feel like a nuisance, especially after everything it took to get to this point in the real estate process, this is the more likely scenario for most home buyers.
Getting your keys is a big deal, and we are here to help you get them faster. If you have questions about real estate or Florida real estate law in particular, don’t hesitate to reach out. Our experienced team at Silverberg | Brito, PLLC is ready to help.