What does closing a real estate contract in Washington mean? When is closing? Where is closing? Do I receive my keys at closing? When can I move into my home?
These are several questions that many buyers in Covington ask. When is closing and when do I get my keys. Closing and possession can be totally different items or can be identical items depending on what your contract says.
First lets look at what the definition of closing is when using the NWMLS Form 21 Purchase and Sale Agreement.
“Closing” means the date on which all documents are recorded and the sale proceeds are available to Seller. Seller shall deliver keys and garage door remotes to Buyer on the Closing Date or on the Possession Date, which ever occurs first.
The closing agent (usually an escrow company, but can be an attorney’s office) will process the paperwork and send to the King County Courthouse the appropriate documents. Once the courthouse has processed and assigned recording numbers they will notify escrow who will place a call to all parties that the transaction has recorded.
So, here comes the question of possession. Again, we must read your Purchase and Sale Agreement. If, lets say you chose possession on closing you will receive the keys at 9:00pm per the contract which of course usually happens earlier during that day. The hand off of keys is usually handled by both the seller’s agent and your agent.
If you chose “other” for possession you would have also wrote in the terms of what will happen. It might state “closing plus 3 days”, or per NWMLS form 65A or NWMLS for 65B. These forms are used for possession prior to closing or after closing per a type of rental agreement. These forms spell out in detail what will happen and advice you on your responsibility in regards to your home owners insurance company.
Contact the office if you need further instructions. We will be glad to answer any questions you might have.