“When do I get the Keys?”
“Closing” refers to when all parties sign the final papers. “Funding” happens when the recording has taken place and all money is released to the parties. The $$’s can’t be released until recording has taken place and sometimes that isn’t until the next day.
So, you may not get keys or ‘possession’ until the next day. You have set up your movers, your utilities, your insurance…all for that day of closing on the contract. But here you are stuck in your old residence, waiting for that magic ‘funding’ moment to take place.
“But I’ve talked to the sellers and they are fine with me coming over before then…” Trust me, they aren’t. That morning will come and all the casual assumptions you have made about legal possession are incorrect. Can’t blame anyone here – you want to be in your home, and the sellers are now worried that their homeowner insurance might have to kick in if your contractors make a mistake and damage the house…whose house is it anyway?
The utilities have been put into your name and are out of the sellers’ name and now they are still there…or at least you don’t have your keys to enjoy your new utilities. What? I know, this is odd. We haven’t figure out yet.
My advice is to just be aware that this is the tradition, and if you really really want to know exactly when you get to cross the threshold, put it in the purchase agreement for all parties to agree to. Date and Time for when you get those keys.
Enjoy your new home!