Are you anticipating the moment when you finally hold the keys to your newly purchased home in your hands? If yes, this blog post is just for you! We aim to demystify the process that unfolds on the closing day, highlight potential delays you might encounter, and offer practical tips to make your move-in day as seamless as possible.
The closing day signifies more than just a transaction – it’s the day you step into a new phase of life, as a homeowner. But before you can turn that key in the lock, there are a few essential steps that need to be completed. Let’s dissect the journey to better prepare you for the big day:
Understanding The Key Steps
1. Provision of Closing Funds by Mortgage Lender
The pivotal part of the closing process is the provision of closing funds. Your mortgage lender plays a crucial role here. They need to transfer the funds to the correct parties involved in the transaction, ensuring the finalization of the home purchase.
2. Certification of Closing Cheques
Certifying closing cheques is a security measure to guarantee the authenticity of the funds and protect all the stakeholders in the transaction. This step confirms that you have sufficient funds in your account to complete the payment.
3. Exchange of Legal Documents
Lawyers representing both the buyer and the seller carry out the exchange of several legal documents. These documents include the purchase agreement and the paperwork needed to transfer the title.
4. Registration with the Land Registry Office
Finally, completing the registration process with the Land Registry Office is an important step that seals the deal. This procedure ensures that the ownership transfer has taken place correctly and the property is legally registered under the buyer’s name.
Factoring in Delays and Timing
Each of these stages is time-consuming. Therefore, it’s commonplace for keys to be handed over in the late afternoon on closing day. If you’ve scheduled your moving truck early in the day, you might find yourself in a situation where you’re waiting around for hours until the final formalities wrap up.
To avoid this inconvenience, we suggest planning your moving schedule strategically. Consider scheduling your moving truck for the late afternoon. This way, you’re more likely to have the keys ready before the movers arrive, ensuring your move-in goes according to plan.
What If You’re Buying a New Home from a Builder?
Buying a home directly from a builder often provides a different experience. In such cases, you can typically get the keys at the builder’s office immediately after closing. This not only speeds up the process but also adds to the convenience factor. You can usually expect to have the keys in your hand by mid-afternoon on closing day.
The Previous Owner’s Role
Before you finally receive the keys, it’s crucial to ensure that your new home is in a suitable state. It should be clean, free from debris, and ready for you to move in. Moreover, make sure there are at least two blue bins for recycling and one green bin for organic waste. These could be provided by either the previous owner or your builder, depending on your situation.
The responsibility of the previous owner doesn’t end there. They need to ensure that everything in the house is in good working condition before handing over the keys.
Embarking on homeownership is an exciting journey, and we are here to help you navigate through this process. Stay connected for more valuable insights and advice as we accompany you on your real estate ventures. Looking forward to being a part of your home-buying journey!