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.