receiving keys and close date

mkdon

hi

so I am supposed to have a close date if 9th may

when could I expect to receive keys to my house ...what way does it normally work?
ea playing games

Claw Hammer

mkdon wrote: »

hi

so I am supposed to have a close date if 9th may

when could I expect to receive keys to my house ...what way does it normally work?
ea playing games

You should get them at the closing or shortly after. Nothing to do with the EA.

mkdon

Claw Hammer wrote: »

You should get them at the closing or shortly after. Nothing to do with the EA.

it is because I collect the keys from them no?
what is normal process?

Yourmama

As far as I remember closing date is a day when you get the keys. If not on the day then a day after.

Claw Hammer

mkdon wrote: »

it is because I collect the keys from them no?
what is normal process?

It depends on what type o closing it is. If it is in the office of the vendors solicitor, the keys should be handed over in the office. If it is a postal closing, there may be a letter given to you to collect the keys from someone.

Dolbhad

mkdon wrote: »

hi

so I am supposed to have a close date if 9th may

when could I expect to receive keys to my house ...what way does it normally work?
ea playing games

You should get keys the day the sale closes. Usually keys are with auctioneer but can occasionally be the solicitor. That day your solicitor will need to transfer funds to sellers solicitor, have all the closing documents and be in order and needs to carry out searches against you, the seller and bank on the day of closing.

Any of this can delay things so you may get keys early in the morning or late in the afternoon. You should check where you pick up keys and if you need any alarm codes to access the property. Closing at that stage is between the solicitors to get sorted not the auctioneer

ted1

mkdon wrote: »

hi

so I am supposed to have a close date if 9th may

when could I expect to receive keys to my house ...what way does it normally work?
ea playing games

You own the house when you sign. You should get the keys then

mkdon

ted1 wrote: »

You own the house when you sign. You should get the keys then

I signed a month ago vendor signed 2 weeks ago should but not how works

4ensic15

mkdon wrote: »

I signed a month ago vendor signed 2 weeks ago should but not how works

You only signed contracts. You haven't closed the sale. The vendor retains possession pending completion.

mkdon

mkdon wrote: »

hi

so I am supposed to have a close date if 9th may

when could I expect to receive keys to my house ...what way does it normally work?
ea playing games

I've gathered you have a bit of an obsession with estate agents but this is nothing to do with the EA. They have minimal part to play once the solicitors are talking to each other. You'll get the keys once the bank have transferred funds to your solicitor, and your solicitor has transferred the funds to the vendor. Do you know where you are in that process? Once that's done you'll either pick up the keys from the solicitor, or if the keys are with the EA, they'll be sent a note instructing them to release them to you.

mkdon

Lillianna Scrawny Stalker wrote: »

I've gathered you have a bit of an obsession with estate agents but this is nothing to do with the EA. They have minimal part to play once the solicitors are talking to each other. You'll get the keys once the bank have transferred funds to your solicitor, and your solicitor has transferred the funds to the vendor. Do you know where you are in that process? Once that's done you'll either pick up the keys from the solicitor, or if the keys are with the EA, they'll be sent a note instructing them to release them to you.

drawn down 2 days before closing...

mkdon

mkdon wrote: »

drawn down 2 days before closing...

Ok so please, please explain the games the EA is playing.

amcalester

mkdon wrote: »

drawn down 2 days before closing...

You won’t be closing on the 9th then.

You can be guaranteed the bank will realize some paperwork is missing which will delay the drawdown.

mkdon

4ensic15 wrote: »

You only signed contracts. You haven't closed the sale. The vendor retains possession pending completion.

so is close date when keys are handed over?

mkdon

amcalester wrote: »

You won’t be closing on the 9th then.

You can be guaranteed the bank will realize some paperwork is missing which will delay the drawdown.

what do you mean? what paperwork missing ?

4ensic15

mkdon wrote: »

so is close date when keys are handed over?

Maybe.

Dolbhad

mkdon wrote: »

what do you mean? what paperwork missing ?

Some banks don’t check all the paperwork is received and in order until they have the payment request from even if submitted months ago. So then they may come back with whatever paperwork they don’t have or aren’t happy with. I found it is always the life insurance and assignment that raises hassle. You can’t close without the funds so it Bank delay things, the closing is delayed.

The sale closes only when you get keys.

The bank couldn't read a date on our paperwork so that needed to be remedied, for example. Solicitor had to send whatever it was to the bank again. Stupid stuff can come up.

With the life insurance or home insurance, if the address doesn't exactly match the loan documents then the bank will send it back, or we had a situation that our broker caught where a letter from the insurance was addressed to 'Bank of Ireland Mortgages'. There is apparently no entity called 'Bank of Ireland Mortgages' so that had to be changed.

dudara

The EA has very little to do with the closing process. At this stage, it’s all happening between the solicitors and your bank.

If your closing date is set as May 9th, then your solicitor will request a few days in advance to draw down the funds from your bank. My solicitor requested the funds 1 week in advance of closing. This was to ensure that if there were any final issues, we would have some time to fix them. Thankfully, there weren’t in our case.

Once your solicitor has the funds, they will transfer them to the seller’s solicitor. Only once they have the funds will the sale be considered closed and the keys released. The keys are often held by the EA (though sometimes it is the solicitor or other party) and they will only release them once the solicitors confirm that everything is in order.