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Old 07-22-2008, 12:25 PM
 
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Quote:
Originally Posted by North_Raleigh_Guy View Post
Is that technically correct? While I do think most people get the keys at closing, I was under the impression that the house is not "technically" yours until the deed is recorded (Which could take place several hours after the closing). My understanding is that while it is rare, a seller could choose to hold onto the keys after the closing until the deed is recorded. Like I said, I think such actions are rare, but the closing really isn't when the house becomes "yours" it's yours once the deed is actually recorded. Please feel free to correct me if I am wrong since I am not a realtor!

FWIW, I did get the keys at the closing table. The seller actually tried to give them to me when we did our walk though, but we said we would wait until the closing!
Well, if you want to get all TECHNICAL about it ;-)

I've seen some builders record the deed prior to closing, and I've seen some sales where the deed didn't get recorded for a few days. Recording the deed is indeed the true transfer of ownership.
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Old 07-22-2008, 12:33 PM
 
Location: Charlton, MA
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I'm a former real estate paralegal. The property is technically conveyed as soon as the seller has signed the Deed, but the Deed must be recorded to make it public record. A seller has the right to withhold the keys until the Deed is recorded & he can cash/deposit his check. Also a seller may not want to hand over keys till they have received their $$. Most attorneys will not disburse checks/funds until they have a. rec'd $$ from the lender and b. the deed has been recorded.
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Old 07-22-2008, 12:37 PM
 
Location: Charlton, MA
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Oh & you might think recorded a Deed is a technicality & it is most times. But when a Deed is recorded the title examiner is supposed to check for any liens on the property that might have been placed after the end of their title examination. It has happened that liens get slapped on at the last minute & no one would be the wiser if this wasn't done.
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Old 07-22-2008, 12:42 PM
Status: "Support your Local Moderator!" (set 4 days ago)
 
Location: Cary, NC
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Local custom is to hand the keys over at the closing table.
If your contract is the standard NC Realtor form, "Offer to Purchase and Contract," it defines closing as "...the date and time of the recording of the deed."
A cautious Seller is well within their rights to hold the keys back until the deed is recorded. Most do not do so, but it could legitimately happen.

Yes, you should be able to plan on recording same day with an 11:00 AM closing meeting. But, if there is any hitch, it can be delayed.
If your bank is slow to wire in the funds, or to get a loan package to the attorney, you may be delayed.
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Old 07-22-2008, 12:53 PM
 
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Default I would be more nervous about the early morning flight

I have experienced too many flight delays and cancellations during my business travels to be confident enough to schedule a 10:00am walk-thru and 11:00am closing on the same day of arrival. Most of my out-of-town meetings occur with no problems, but there have been some where I have been forced to partipate via conference call from an airport lounge somewhere between home and the meeting location, and some that had to be cancelled & rescheduled due to flight problems.

Direct flights are always less problematic, connecting flights are rarely smooth. I recommend giving serious consideration to arrving on Sunday afternoon and spending one night in a motel.
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Old 07-22-2008, 12:54 PM
Status: "Support your Local Moderator!" (set 4 days ago)
 
Location: Cary, NC
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Quote:
Originally Posted by MI-Roger View Post
I have experienced too many flight delays and cancellations during my business travels to be confident enough to schedule a 10:00am walk-thru and 11:00am closing on the same day of arrival. Most of my out-of-town meetings occur with no problems, but there have been some where I have been forced to partipate via conference call from an airport lounge somewhere between home and the meeting location, and some that had to be cancelled & rescheduled due to flight problems.

Direct flights are always less problematic, connecting flights are rarely smooth. I recommend giving serious consideration to arrving on Sunday afternoon and spending one night in a motel.
Good advice, IMO.
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Old 07-22-2008, 01:14 PM
 
Location: Cary, NC
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Can you just ask your realtor to ask their realtor whether or not you should expect the keys at closing? I'm sure if you mention you'd like to set up some appoinments at your new home and were unsure of exactly when to do so, they'd let you know if they plan to give you the keys at closing or not.
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Old 07-22-2008, 01:38 PM
 
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Quote:
Originally Posted by lamishra View Post
Can you just ask your realtor to ask their realtor whether or not you should expect the keys at closing? I'm sure if you mention you'd like to set up some appoinments at your new home and were unsure of exactly when to do so, they'd let you know if they plan to give you the keys at closing or not.
I second this advice.

I also second the advice on flying in the day before. It's going to be a stressful day as it is. Don't compound that by worrying about delayed or cancelled flights.
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Old 07-22-2008, 01:55 PM
 
Location: Raleigh, NC
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Sellers used to hand over the keys at closing but lately there appears to be a trend of not handing over keys until the deed is recorded. The reason behind this is that if the house isn't recorded and there is a fire, which insurance company is going to be held accountable? So the issue is a liability issue.

Again, most sellers will give you the keys at closing but as Lamisha says, it doesn't hurt to ask your Realtor to ask their Realtor.

Builders are another story, entirely. More and more builders will NOT hand over the keys until the deed is recorded.

And that is why I don't schedule closings for Fridays anymore!

If you close in the AM, the attorney should have no problem recording by noon, unless the funds did not come through from the lender. this is rare.

Whenever I have folks relocating, I always let the attorney know that since we are closing at 10AM, we expect them to record so that we can have the keys at 12 noon. If any issues pop up, the attorney will usually make me aware of them so I can relay the message to my clients.

Vicki
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Old 07-22-2008, 03:05 PM
 
3,155 posts, read 6,596,251 times
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Quote:
Originally Posted by VickiR View Post
Sellers used to hand over the keys at closing but lately there appears to be a trend of not handing over keys until the deed is recorded. The reason behind this is that if the house isn't recorded and there is a fire, which insurance company is going to be held accountable? So the issue is a liability issue.
We did this when we sold our house in Oregon. Both my husband and I had already left the state, so the house was sitting vacant for a couple of days. The buyer wanted to move some of their things in before the deed recorded (we had already signed papers). But my RE Agent recommended that we wait until the deed recorded due to insurance liability.

I felt like a grinch doing this, since the people who bought our house was moving from within our neighborhood. But I'm kind of a "be safe than sorry" kind of gal.
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