When Can the New Owner Take Possession of the House?

By
Real Estate Agent with United Real Estate TX #0552717
http://activerain.com/droplet/4YvV

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.Closed and FUNDED!

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!

 

Posted by

Lorrie Semler, e-PRO, GRI, SRES, CPRES, CRS
Addison Resident/Addison Specialist                                                      Subscribe Button
Real Service. Real Results. Real Estate.
United Real Estate
972-416-3417

http://www.AddisonUpdate.com                                                                                                                         

2011 Recipient of Addison Magazine's Readers Choice
Award for Best Residential Real Estate Agent.                                                              

                                                                                                

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Rainmaker
3,954,650
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for home buyers and sellers 

Jan 02, 2017 01:22 PM #1
Rainmaker
349,936
Pam Miller
Realty Associates - Friendswood, TX
Broker Associate - Pearland/Friendswood

Sellng can be such a stressful time.  Nice post!

Jan 02, 2017 01:44 PM #2
Rainmaker
350,476
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Great information and explained in a way that everyone should be able to understand.  Note, I did say SHOULD!

Jan 02, 2017 02:01 PM #3
Rainmaker
3,550,170
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Oncde funding happpens it still takes some time for any wire transfer.  Most of my clients get a hard check

Jan 02, 2017 05:21 PM #4
Ambassador
1,342,108
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In Oklahoma closing and possession are separately noted. However, we have table funding which means once all funds are in and everything signed and recorded, you own the home.

Jan 03, 2017 07:50 AM #5
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Rainmaker
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Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417

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