You have found your dream home, signed the papers and now all that is left is to get the keys. When can you finally turn the key and move in? Knowing when to expect this milestone and what factors might influence it can make the wait less stressful and more exciting.
The journey to homeownership does not end at the closing table
The handover of keys typically occurs at the closing, also known as settlement. This event marks the official transfer of property ownership from the seller to the buyer. The exact timing can vary based on:
- Purchase agreement terms
- Mortgage approval and funding
- Title search and insurance
- Property inspections and repairs
- State-specific laws and regulations
The closing process in Massachusetts, New Hampshire and Maine follows similar general principles but may have slight variations in legal requirements and customs. For example, Massachusetts law requires the presence of an attorney at closings, while New Hampshire and Maine do not mandate this but strongly recommend it.
The typical timeline for a home purchase ranges from 30 to 60 days after acceptance of the offer. This period allows time for necessary inspections, appraisals and paperwork. In some cases, you may negotiate with the seller for an earlier or later possession date based on your circumstances.
In certain situations, you might not receive the keys immediately after closing. Some purchase agreements allow the seller to remain in the property for a short period after the closing date. The contract must clearly outline this arrangement, known as a “rent-back” or “post-settlement occupancy.”
Taking control of the process and seeking the right guidance
When dealing with real estate matters, always have a legal professional in your corner. This can help ensure a dispute-free transition into your new home. Soon enough, you will be turning the key in your new lock, ready to start the next chapter of your life.