Don’t Bring the Moving Van Too Early

Share on Facebook0Tweet about this on TwitterPin on Pinterest0Share on LinkedIn0Digg thisEmail this to someone

It’s exciting to move into a new home you’ve just purchased. Whether it’s brand new or an existing home, it’s still new to you. You’ve just made your way through a long process, maybe months or a year or more, searching, viewing homes, negotiating a deal and then all of the closing transaction process stuff. Once you sign at the closing table, you’re expecting to have your house keys handed to you and get to moving in.

That’s the best case result, and it’s usually the way things go. However, today’s buyers need to understand that there are two things related to the closing, the “settlement” and the “funding.” Settlement is all of the paperwork and signing, deed recording, etc. Funding is the handing over of the money to all involved.

Many real estate purchase contracts separate out those two events and they may even specify a later date for funding due to lender requirements to see certain documents before making the funds available. However, the common practice is to assume “table funding,” the funding of the deal at the closing table and immediate possession by the buyer.
There is a modified version of the Golden Rule at work in a real estate transaction. In this version, “he who has the gold rules.” The lender has the money, and they’re not going to give it up until everyone involved, from the principals through the title company and others have jumped through all of the proper hoops.

The lender is going to see virtually every document, survey, appraisal and agreement. Their underwriters will review them, and even after they bless them, they’ll review them again just before closing. When the lender’s happy, everyone is happy. However, until you’re handed those keys, it’s best not to have your moving van sitting in front of the home.
Extra storage costs will come your way if your movers can’t unload when scheduled because the lender wants a new version of a document and the funding goes past close of business that day. It won’t fund nor record at the courthouse until the next business day, so it’s worse on a weekend.

Doug Clark
Star of Spike TV’s FLIP MEN
RealtyTrac Education Partner
#1 Real Estate Coach and Mentor Worldwide
Follow @demo_doug

doug clark flip men

Share on Facebook0Tweet about this on TwitterPin on Pinterest0Share on LinkedIn0Digg thisEmail this to someone
About the author

Doug Clark

Star of Spike TV's FLIP MEN. Training Partner. #1 Real Estate Trainer Worldwide

More articles by

No Responses

Leave A Response

Your email address will not be published. Required fields are marked *

Connect With Us

Recent Posts

Howto Describe Yourself – 180 Phrases To Your Positive Qualities

The expert article writers shouldn’t use unnecessary words or unambiguous sentences. You might need the assistance of specialist article authors today! Hence, let us discuss these expert essay authors. That is why people have the… read more

Technology Topic Tips

The goal of this kind of essay writing, as the particular title indicates, will be to give advice to the visitors. It’s an established approach to create an informal and friendly dash to your own… read more

How-to put up

This program comprises interviews with pupils. At current, there are just two free creating classes. These students are likely to understand a number of composing forms like books, stories, poetry, memoirs, and literary essays. This… read more

How to Make a Trash Bag Poncho

Composing an essay to numerous pupils isn’t just a tough project however a chilling one as properly. To enrich your essays that h AS changed. Take a look at this fully free composition instance. To… read more

Did the 47 GOP Senators commit treason, violate the Logan Work with Iran notification

Follow these hints himework you are going to obtain an excellent samples of positive and negative faculty essays. Ask them to draw an image or collection to really move with their article. Online documents are… read more