I'm buying a Lake Sinclair home, when do I get the keys

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695

There's no "right answer" for this question, but it is black and white.  As in it's in the contract, typed in black on white paper.  Time of possession is written into the contract in Georgia and that's when your keys will be delivered.  If the contract says "at closing" the time can vary a bit from the exact moment that you are sitting at the closing table at the attorney's office for funding or wire transfers to hit the bank.

But when I read today that in some states you have to wait for documents to be recorded, that's not the case in Georgia.  If at the closing table the buyers have signed the deed and the loan is wired to the attorney and bank has released those funds and down payment has been wired or delivered by cashier's check then the seller walks out with a check and the buyer walks out with the keys from the same closing table.

Of course the contract doesn't have to say at closing.  Some sellers who live in their home full time request several days after the closing for possession.  Sometimes those sellers need the funds from closing on a home they are selling to purchase a new home and have to make that purchase before they can move. The time you get the keys is a matter of contract negotiation.  Some listings in the MLS state the seller will require x number of days after closing before possession changes hands. A buyer doesn't have to agree to that, but a seller doesn't have to sell if terms are not acceptable in the contract including time of possession. 

But in typical situation in my market where homes are second/vacation homes it's not a problem for the seller to move their personal property out prior to closing so that possession can happen right there at the closing table. That's the scenario we see most often, again in MY market.  Doesn't happen every time, but in my experience about 95% of the time it does. If you are a seller who will need time after closing be sure to tell us when you list.  If you are a buyer who will need to have the keys to drive over a moving truck after closing please tell us up front when you start your home search.

 

 

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Location:
Georgia Baldwin County Milledgeville Lake Sinclair
Groups:
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Tags:
closing
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possession of new home

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Rainmaker
1,312,485
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

My secondary home/recreational area follows your process.  

Jul 24, 2014 06:03 AM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

In Md buyers usually get keys at the closing table.

In VA, when the title is recorded.

Jul 24, 2014 08:05 AM #2
Rainmaker
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Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

In Minnesota, it is after the real closing....meaning after all funds and settlement has been completed.

Jul 24, 2014 08:10 AM #3
Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

In New Hampshire buyer get the keys at the closing table.  

Jul 24, 2014 11:37 AM #4
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Li- I'm  not sure how I'd feel about a state where I had to wait for documents to be recorded, that can take weeks sometimes here

Lenn- you have to know a lot working in different states

Don- not exactly sure what you mean

Joan- I think it should be that way

 

 

Jul 24, 2014 12:09 PM #5
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Joan has it right. :)

Jul 24, 2014 04:09 PM #6
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Tammy. Love the question and lending in 8 states as I do, the common practice is different, but most of the time, it's at the closing table.

Jul 24, 2014 08:45 PM #7
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Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

You're right!  It's all in the contract when the keys are delivered.  Good stuff Tammy!            

Jul 24, 2014 11:03 PM #8
Rainmaker
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Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Yes, it is (or should be) all in the contract. Our state forms say at closing, but closing only occurs once it is funded, imho.

Jul 24, 2014 11:34 PM #9
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

It does differ from state to state when buyers get possession and confuses people who move around alot. In NC, technically you don't own the home until the deed's been recorded and so shouldn't get keys until then. In SC, you'll get keys at the closing table before recordation so long as all the funds to purchase the home are in the closing attorney's account.

 

Jul 24, 2014 11:35 PM #10
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What a defining moment in Real Estate..."the keys"....Whatever swapping takes place, make it memorable

Jul 24, 2014 11:36 PM #11
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Laura- it's all in the contract in my state

Joe- wow 8 states is a lot of different rules, regulations, laws and common practice to deal with.

Jared- I have had a seller rent back for a month before, but it was part of the negotiations

Than- our funding and signing all occur at the same time (with rare exceptions) and then it's generally no more than 24 hours

Nina- see I find that crazy.  My having the deed signed by the seller means I own it.  Recording it doesn't change ownership (in my mind), yet I know it does in some states.

Richie- I try to make my service what's memorable.

Jul 25, 2014 12:35 AM #12
Rainmaker
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Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Tammy Lankford, Lake Sinclair homes look inviting! I wonder if they are near a bus line or any type of major roads

Jul 25, 2014 02:07 AM #13
Rainmaker
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Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

Thank you for sharing this today! I really enjoyed reading your blog post!

Jul 25, 2014 02:08 AM #14
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Will, it's a beautiful lake and we're about 25 minutes from I-20 (either the Greensboro or Madison exits) and about 35 minutes from I-75 & I-16 in Macon so fairly close to major roads, but nope on the bus line.

Kim- it's so much better when you add something to the conversation about the post.

Jul 25, 2014 02:19 AM #15
Rainmaker
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1~Laura Filip
1~Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
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Great post feature worthy indeed. Unless otherwise agreed upon the keys are give and closing and funding. Otherswise agreed upon in writing of course 

Jul 25, 2014 02:55 AM #16
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Laura- Important to let potential out of state buyers understand our local process since it's so different.  Thanks for the compliment.

Jul 25, 2014 04:31 AM #17
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Dale- it was much the same for me.

Jul 25, 2014 12:06 PM #19
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Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

We make sure the buyers understand that part of the contract during review. Definition of "settlement" in NC is as Nina Hollander states, after the deed is recorded.  It typically happens within 15-30 minutes of signing at the closing table, I've never heard of it taking longer than overnight.  This gives the paralegals time to do one last update to the title.  It feels comfortable like that.

Jul 26, 2014 06:20 AM #20
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Mona- can take weeks here depending upon what county it is.  usually just a few days.

Jul 26, 2014 06:48 AM #21
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