Be prepared for closing delays; don't schedule the moving van for closing day.
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.
Pam No matter how much we caution there are always a few who schedule the truck - in one sense it is good they are eager
It can take up to 30 days to actually get the deed recorded out here in San Diego, but once the papers are signed by everyone and are in the escrow officer's hands, generally the home is now the property of the buyer.