There is often some confusion towards the end of many real estate transactions about when the property actually becomes the buyer's home.
You're through the inspection period, you've come to an agreement, and you can't wait to sign the papers and head to your new home. Time out! It's unfortunately not that simple. It's common in our market to call the appointment to sign the “closing appointment”. Many buyers tend to immediately think that this is when they get the keys to their new home.
The end of a real estate transaction is a two-step process. There is the “closing appointment” where both buyer and seller sign all papers. We call this the “signing appointment”. At this point, you are on the home stretch! The actual closing of escrow, however, occurs after the deed is recorded at the County Recorder's Office and the lender has funded the loan. This is when you get a nice phone call from the title company and your realtor saying you have funded and recorded.
The home is now yours – party on! And don't forget to invite your real estate team. :)
