Property Q&A in Florida>Question Details

Carrie, Home Buyer in Florida

If loan closing date is on Friday but to late for funding, and bank cant fund til Monday, whenn can buyer take possession?

Asked by Carrie, Florida Sun Jan 1, 2012

All docs are dated Dec 30 (mtg, deed, and buyers cash was wired on 30th etc), but because it took place in the evening (due to bank delay) funding couldn't take place until the next business day which is Jan 3. Can the seller refuse to give the buyer keys on the closing date?

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I am assuming when you say "buyer's cash" you are referring to the balance of your down payment and closing costs and the funding that did not happen on Friday was the proceeds of the loan. Until the transaction has been funded it has not closed so until that happens the keys should not be released. The good news is tomorrow will be here before you know it and you soon will be in your new home.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call and congratulations!

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference:
0 votes Thank Flag Link Mon Jan 2, 2012
Yes. The funding part of the transaction is the last step. Since the buyer's bank has not released the funds the seller does not technically have any guarantee that the money is really theirs. Its unfortunate and buyers have had to get hotel rooms because of it. If you close on a bank owned property you may have to wait a few days to get your keys even after funding.

I try to get my clients to aim for a morning closing to give adequate time to fund and to also leave two weeks to a month from your closing date to have to move from your current residence.
0 votes Thank Flag Link Sun Jan 1, 2012
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