When am I going to get the keys to my new home – Closing Explained

    Santa Clarita real estate radio showThe term “closed” is often used to say that a deal is done. A home has been sold and that there are now “officially” new owners.

    Closing, in most states, does not happen until “confirmation” has been received by Title. ¬†This means that the property title has been recorded in the new owners name.

    In Los Angeles County, this typically occurs between 11am and 5pm.

    Therefore, when you are buying a home and your agent tells you that you are going to get the keys the next day. That is going to depend on the “confirmation of recording”.

    There are also “specials”, when the money gets transferred the same day as recording. These are not very common and are typically an extra expense to the buyer.

    Typically, in a real estate transaction in Los Angeles County, where we are located, the day before “confirmation” the money for the home, condo or townhome gets transferred.¬†

    It’s on the next day, the next “business day” following, that the recording takes place.

    That is the day, depending on your original agreement, that you will obtain the keys to your new home, condo or townhome.

    In contact, there could be obstacles or agreements that will prohibit you from “taking possession” of your new home.

    These can include items that were agreed upon within contact during your negotiations with regard to the real estate you are purchasing.

    It could be the sellers asked you to agree to turning over the property two days after Close of escrow (COE+2), or other variations.

    Maybe the sellers asked you to agree to “rent back” with regard to them not being able to leave the property for an agreed upon time frame, paying you “rent” for that time period.

    Just make sure you are dealing with professionals and make sure you agent reads all of the small print on the MLS listing data sheet and absorbs every single piece of paper that is sent for you to sign or counter.

    Hiring the savviest realtor you can find is always the best way to start your journey into home ownership.

    Reach out to my Top Team at REMAX when you are ready and we will have you attend our Crash Course on Real Estate.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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