Charlottesville Real Estate Talk

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I'm Closing On My Charlottesville Home On Friday But When Can I Move In?

I'm closing on my Charlottesville home on Friday, but when can I move in?moving van

I have been asked this question or something similar by many clients.  Often the sellers have moved out several days before closing and the purchasers knowing that the home is empty see this as the perfect time to begin moving some of their belongings into the home.  Or they would like to get into the home to begin cleaning and perhaps even remodeling.

Even though the home may be vacant, you don't own the home until the title has been recorded.  Consequently it is not a good idea to schedule the moving van for the day of closing.  Unfortunately it is not unusual for something to come up and the deed to not be recorded until the day following closing or in the case of a Friday closing, not until Monday. (This is the reason that I recommend that you not schedule the closing for your Charlottesville home on a Friday) You will not receive the keys until recordation has taken place even though you have signed all of the documents. 

On rare occasions a purchaser will work out an agreement with the seller where they will be able to take possession before closing.  In such a case it is in the best interests of all parties to execute a legal agreement which is similar to a lease contract.  Rent is paid to the seller and it states what is to happen if for some reason the contract falls appart at the last minute and closing does not occur.  There are many issues that make it complicated for a purchaser to occupy the home before closing, such as who is responsible for liability and insurance.  It is usually best to avoid this situation.

The bottom line is you will have to wait until after closing and recordation to enjoy your new Charlottesville home.

 

 

4 comments • Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms • January 26 2011 07:45PM

Buying A Charlottesville Home - Don't Schedule The Moving Van For Closing Day

Be prepared for closing delays; don't schedule the moving van for closing day.moving va

There are many last minute glitches that can happen.  While most of them don't prevent closing, they can keep closing from happening on time.  For that reason it is important to have several days leway before your present lease is up and the moving van arrives.  Nothing is worse than to have all of your furniture on the truck and not be able to move into your new home.

One thing that can happen is that by the time all of the closing documents are signed it is too late for the deed to be recorded.  That is one reason that we don't like to schedule closings on Fridays, because then it is necessary to wait until Monday to record the deed.  Until the deed is recorded the home is not yours.

Often funds do not arrive on time.  Sometimes they are being wired from a clients account in another city and they don't arrive the day they are supposed to.  Other times the loan money fro mthe lender arrives a day late. 

An issue that has to be resolved or negotiated may crop up on the final walkthrough.  Many times money can be escrowed to take care of the problem, but an FHA lender may require that the problem be fixed by the seller before closing.

Sometimes title issure can cause the delay.  There may be a cloud on the title that takes time to clear.  Recently closing was delayed for one of my clients who was purchasing a bank owned property because the sellers side couldn't find the trustees deed.

So if you are closing on a home, be as flexible as you can with your moving day and be prepared for delays.  Then if it all happens smoothly and on time you will have a happy surprise.

 

 

 

2 comments • Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms • August 02 2010 10:42PM