What happens on the day of closing and can I move in on that day?
The actual day of your closing will be the day in which the buyer deposits any remaining money due into escrow and signs his escrow and loan documents and it is the day in which the seller will sign the deed and closing statements and receive a check for the money due to him. In some parts of the country, the buyer and seller go into the closing agent's office separately. In other parts of the country, the buyer and seller go in together. Either way, closing is the day in which the deed is exchanged for the sales proceeds money. "Recording" will take place on that day, which means that the deed and any mortgage documents are taken to the county court house and recorded in the official records. These documents are them made of "public record" for anyone to see. The actual day that you can move in will be determined by local practice and the terms of your purchase agreement. It may be the day of closing, or it may be a day or two after the closing.
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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