When Can the New Owner Take Possession of the House?
About 8 years ago, I had a seller client who went ballistic after closing and funding because the buyers got the keys to the house before the funds from the sale were deposited into her bank account.
She was furious! She called and chewed me out. She called my broker and gave him an earful. She even called the title company and ranted on and on. We were all embarrassed for her - it seemed like she was off her meds. It was that bad.
I had prepared her for closing and funding, but memory can be a selective thing.
I like to leave the keys with the title company closer because the title company is the first to know when a transaction has closed and more importantly FUNDED. Funding happens when the title company is prepared to issue funds, not when the funds are received by the seller. The title company (I'm talking about Texas here) determines when there are no conditions left that prevent them - the title company - from moving forward; and at that point, the seller must turn over the property to the buyer (unless there is a seller's temporary lease in place).
If a closing happens late in the day, wired funds may not be received into the seller's account until the following day. For Friday afternoon closings, those funds may not be posted until Monday. Regardless, the new owners should be able to take possession after funding (per the title company) has occurred.
Got questions about the buying and/or selling process? Contact me for answers!