Closing and Possession
PART 1 – The Pre-Closing Process:
The process of taking legal ownership of your home actually started the about 48hrs from the time that your offer was accepted and doesn’t end until they day that you physically sign on the closing day. A team of title examiners were notified of your intent to purchase and went to work almost immediately. It takes them several weeks to complete the title examination process which includes but is not limited to:
● Determining whether the seller can legally transfer the property to you
● Determining whether you can legally purchase in your name/s
● Establishing what legal ownership type will be taken and by whom
● Establishing that the new owner will have quiet enjoyment of ownership
● Attaching the underlying mortgage and ownership documents
● Enforcing the terms of the Purchase Agreement
● Facilitating and legally witnessing and the physical transfer of ownership
● Insuring thru paid policies that their work is thorough and backed by an insurance policies paid by seller, purchaser or sometimes both depending on the terms
● Managing and disbursing the funds that are required to complete the transaction
● Plus, MUCH more!
So, as you can see the title company is your silent partner and plays the primary role in the process of transferring ownership once all terms and conditions are met. By process of thorough examination they exist to insure and provide peace of mind that the new owner will peacefully and quietly enjoy ownership without any outside claims to the property or it’s improvements.
PART 2 – The Closing/Signing:
Scheduled on a VERY specific days and times “The Closing” is what everyone has worked so hard to accomplish and takes about an hour to complete. All documents are explained, signed, witnessed and recorded. Monies are exchanged and ownership is transferred. Handshakes to ALL. The property/home has SOLD and ownership along with (insured) quiet enjoyment has been transferred.
PART 3 – Possession at Close vs. The Possession Period
“Possession at Close” means that the seller has contractually agreed to deliver the property and access (keys) to it to the purchaser after the physical closing/signing/transfer of ownership this is considered “Possession at Close”.
“The Possession Period” means that there has been a period of timethat the seller has previously negotiated with the purchaser to occupy the home/property after the purchaser has closed, paid money and legally owns it. An example would be: Seller and purchaser close on June 1st. As a condition of the sale the seller negotiated 29 days of possession time after closing in order to move out and clean the home. If the purchaser agrees to that condition the purchaser would get keys and access to the home 29 days after closing/transfer of ownership which would be June 30th. Whenever there is a post close possession period it’s good practice to walk-thru again a few days prior to the possession date to confirm that things are well, in working order and in the same condition as last seen and/or inspected.