Closing on a house questions . . .

[Antonia]

My DS and DDIL are closing on a house Wednesday. We haven't bought a house in 23 years so I don't know how this works.
Will he get the keys to the new house at closing? He gets to take possession on Saturday. If the other family has already moved out, say on Thursday or Friday, is there any harm on starting to move a few things in before Saturday?
I ask because we are helping them get moved and we (DH and I) leave for WDW on Sunday!

 

[Lisa loves Pooh]

Our sellers needed to rent the house from us for a few days b/c of the timing of their move. So that was in the contract. Had they not been doing this, I would have expected to get the keys. Our possesion date was our closing date with exception of the rental agreement.

 

[RNMOM]

Antonia,

It varies from state to state. I have found they are all different.

In IL we had an "open closing" where all parties and lawyers were present and we got the keys.

In OH we had a "closed closing" where the realtors did the stuff after we signed and it turned over a couple days later and then we got the keys.

The reason for NOT moving things in are that is is not legally their property. The homeowners insurance will not be in effect until the property formally changes over. I would advise waiting.

 

[mtrak17]

Oops Misread original post. I didn't realize your son was closing prior to wanting to move things...Sorry!!

 

[Antonia]

My DH's great-aunt who is a retired realtor mentioned that the seller should be paying rent for those days between closing and Saturday. I don't know if that is happening or not since it is DS's deal and I have not seen the contract.

Oh, and they aren't moving anything prior to closing - but hoping to AFTER closing and before they take actual possession on Saturday (like Thursday and Friday) if the sellers are out.

 

[Cindyluwho]

Am I understanding correctly that the contract reads "closing plus xx days"? If that's the case, the seller might allow the buyer to move in as soon as they are totally moved out. We really try to stay away from the "closing plus" because as another poster stated, it can really SNAFU the insurance if something happens in those days.

 

[lowie]

it depends on how the contract reads. if the contract reads that they close on wednesday but are staying until saturday then it would be best for your son to wait, although, he technically owns the house and needs insurance and keys on wednesday. he doesn't want them damaging the house while he owns it. i hope they are either paying for those extra days or have something in writing as to what will happen if they damage the house while moving.

 

[Antonia]

We use the same insurance agent that DS and DDIL are using - I am going to check tomorrow to see when their policy goes into effect.

I personally would rather close and take possession on the same day. I hope they move out ASAP and don't wait until Friday. DS and DDIL are moving in on Saturday, but we'll have to do some cleaning and it is goingg to be hectic! Then DH and I will come home, fall into bed and head out early Sunday morning for Orlando. I am packing my suitcase right now and we will have our car packed and ready to go as well.

Thank goodness it is just the two of us on this trip!

 

[trip]

The seller should be out of the house at closing or before.

 

[The Mystery Machine]

I wouldn't close on the house unless the sellers were out of it.

 

[skuttle]

We bought our first house in May. We closed on a Thursday. Our realtor didn't like closing on Fridays in case something comes up. The sellers didn't get out until Friday around 1pm, which was okay with us. We received all keys except one the day of closing. The other key we received from them on Friday.