You searched and searched to find just the right home. You survived negotiations, and your offer transformed into a contract on the property. Woohooo! The inspection wasn't too bad and the seller was great at helping solve any issues. Your lender has been fabulous and the appraisal went great too! You are rockin' along and now closing day is here. Question for you: What day of the week is it? Why do I ask... well, let's talk about that.
Most people probably think their closing is complete as soon as they are done signing their paperwork. Well... that part of it is, but if a buyer is using financing, their loan still needs to be funded for a closing to be complete. Therefore, it is a seller's right not to allow access to a property (or provide keys) until the closing has been completed... which includes funding of the loan. Most times a closing on a business day is funded the same day if the paperwork is done early enough. BUT... if for some reason the closing paperwork is done after any cut-off times for the financial institution, funding may not occur until the following day. Guess what happens if this occurs on Friday. Yep, funding may not occur until Monday.
In scenarios where funding does not occur relatively quickly, a seller may rightfully deny access to the property until funding is included. If this occurs on a Friday and a buyer has a moving van full of their furnishings waiting to unload, there may be a multiple day delay. While it may be a buyer's reaction to be upset at the seller, they are acting within their rights to deny access, so a buyer should plan accordingly.
- If possibly, it may be wise to plan your closing to occur earlier in the week so the following days are business days which should help prevent delays.
- If for some reason your closing must be done on a Friday, try to schedule it early AND plan for a contingency plan in case you and your belongings are delayed until Monday (or more).
Contracts often have a variety of access/delivery dates for the property. Most common is on the day of closing, but you can investigate options for early access or extended occupancy. Another suggestion is to be specific about actual times and not just dates. While access may may mean 9am to one party, it may mean 6pm for the other and that could mean a costly day of a moving van sitting at the curb. Help make your transaction a smooth one and make sure both parties are on the same page.
For additional information or assistance with your home shopping and/or selling, please contact me and we'll get your plan designed for efficiency.
