This afternoon I was with a GREAT young couple who are buying their first home in Provo Utah. They asked a great question as we were writing the offer. When do we get the keys? In Utah there are two terms in the contract that many agents do not understand, let alone buyers and sellers.
This information is specific to Utah, so if you are working in a different state contact us and we can refer you to an EffectiveAgent in your state.
Settlement - This is when the buyer and seller have signed all of the paperwork, brought any needed money to the closing company, and in their minds finished the purchase of the transaction.
Closing - This is when the closing company actually records the purchase with the closing company.
When buying a home in Utah closing generally happens the same day as settlement, or the next day. BUT, and this is something that most agents do not know, or explain, it can take up to four days to "close".
The moral of the story? Don't have the movers show up at the home the day that you sign papers and send money to the closing company.
At EffectiveAgent we are experts at scheduling closings, and educating our buyers and sellers so that everyone knows what to expect. Buying a home in Utah? Call us today!
Micah Olson, Associate Broker
EffectiveAgent Team801-805-4900
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