Our loans are going into escrow today and we are suppose to sign tomorrow.

Asked by Kristin, El Dorado Hills, CA Tue Jan 27, 2009

Our lender and realtor think we should get our keys by the end of the week. What do you guys think?

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Erin Stumpf…, Agent, Sacramento, CA
Tue Jan 27, 2009
Hi Kristin,

They are probably right. Once you sign your loan documents, the documents are usually sent via some sort of overnight carrier (FedEx, UPS, etc) back to the lender for a final review and funding. Before the loan actually is funded by the lender, usually there is a checklist of items they review - for example, they make sure signatures and notarizations are correct, they make sure your property is insured, blah blah blah. Once someone at the lender reviews and signs off, the funds are wired to escrow. Wired funds usually have to clear the Federal Reserve, so there is a time cutoff during the day - usually the wire has to be sent sometime between 11am - 1pm for the funds to be received the same day...then title/escrow must record the new deed of trust at the county recorders office...once that happens you own the house, and can take posession of the keys! If this all happens in a timely manner:

Wednesday - sign your docs...docs overnighted back to lender...
Thursday - docs received by lender...reviewed by funder...conditions cleared....
Friday - funds wired...deed of trust recorded...you get the keys!

If there is a hiccup in the process, then possibly you may have to wait until Monday. Congratulations to you, and good luck closing Friday!!
Web Reference:  http://www.SacREBlog.com
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Cheri Elliott, Agent, El Dorado Hills, CA
Tue Jan 27, 2009
Excellent Question, Kristen. Go ahead and look on your California Purchase Agreement, go to Page One and look at the bottom at #3B. That will give you the exact contractually agreed upon time as to when you get to take possession of your new property. For example, it will normally say "Occupancy shall be delivered to Buyer at 5pm on the date of Close of Escrow." Ask your Realtor or Escrow officer the date your escrow is scheduled to close. Keys should be given to you that day on a normal transaction. What time depends on the contractually agreed upon time, or when the home is officially recorded into your name on the date of close of escrow.

Congratulations on your purchase!

Cheri Elliott
Web Reference:  http://www.CheriElliott.com
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Steven Ornel…, Agent, Fremont, CA
Tue Jan 27, 2009
You should get your keys once escrow closes, which is when you are officially "on record" as the owner of the property. Ak your escrow officer for the Close of Escrow date that they are working to.

Best, Steve
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