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The Keys and the Cash

When do I Get the Keys to My New Property?

Well, you may have them already if you own your home, but if you’re closing on a purchase, you get your keys at the closing. Sort of. Your deposit money, your loan, and the cash you bring to closing all get lumped together and help pay the seller for the property you are buying. The part you may have to wait on is the wire from your lender. You sign quite a bit of paperwork at closing and this gets faxed to the lender for review to make sure it was done right. Once this checks out, then the wire is released. This can take minutes, but sometimes, it can take hours. You may have to come back to the title company later to get your keys or your realtor can help you with that, but the seller still owns the home until everything is officially funded.

When and How Will I Get My Cash?

If you were pulling cash out of a property you own, then you are probably wondering when you will get those funds. If it was an investment property or second home, you’ll be getting your money at the closing. The title company can cut you a check or wire the funds to your bank account. If you are refinancing a primary residence, then the state of Florida gives you 3 days (not counting Sundays) to review the documents you signed before allowing your loan to close and fund. This is called your right of rescission. On the fourth day, your money will be available and you can pick it up or have it sent or wired to you.

How Much Money Do I Have to Bring to Closing?

If you are cutting a check at closing, put your personal checkbook away. These days, most title companies & attorneys only accept funds that are wired. Work closely with your loan originator at K&H so that you know how much you need for closing and how to wire those funds out of your account & over to the closing agent on your closing date.

More Options. Less Complicated.