Congratulations! You’ve just taken a monumental step in your homeownership journey by reaching the closing stage. But what happens next? For many first-time sellers and home buyers, understanding the post-closing process is crucial to confidently navigate this next chapter. In this blog post, we’ll explore the various tasks, timelines, and considerations that follow a home closing. Whether you’re asking yourself, “When can I move in?” or, “How long can a title company hold funds after closing?”—we’ve got you covered.
Understanding the Closing Day Process
On closing day, both the seller and buyer work with the title company to sign all necessary documentation. The company then disburses the funds (loan proceeds, downpayments, other equity contributions) to repay the seller’s existing mortgage, compensate real estate agents, or transfer remaining proceeds to the seller. Once the paperwork and funding are completed, the title company records the transaction with the appropriate county. The home is now yours!
Before you leave the title company, ask your escrow officer and real estate agent any lingering questions. Feeling confident about your transaction and title insurance policy will help you start your new chapter with peace of mind.
When Do You Get the Keys?
A common question that arises post-closing is, “When do I get the keys?” Typically, there is a pre-agreed timeline that should be discussed with your agent before closing. New homeowners can expect the timeline to depend on when the transaction is funded and recorded, as well as when the property is vacated.
Communication is key here—pun intended! Stay in contact with your real estate agent to confirm when the handover will happen. This information will prevent surprises and help you plan your move-in day more effectively.
Finalizing Financial Transfers
Buyers often wonder how long a title company can hold funds after closing. Typically, title companies disburse funds promptly after signed closing documents and validating that all conditions of the contract are met. Patience and open communication with your title company will ensure that any issues are addressed efficiently.
When you work with Cottonwood Title, you can rest assured that we’ll take care of the details of your transaction so that you can celebrate on your closing day. For further questions about your closing reach out to your escrow officer.
