Profile picture for flerz

Can we close, but have a later possession date?

Our closing date is suppose to be in a week, but we're able to sign the closing papers this week.

Can we finish all the closing papers this week and the take possession next week?

Will we have to start paying our mortgage right after we close or is it after we take possession?

Reason we're possessing next week is because we have to sign another forms if we're closing early, it usually takes about 1-2 business days for the sellers to answer back because we're buying a relo. So we'd rather not go through that hassle if it's just going to save us 1-2 days.
  • February 01 2012 - US
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Answers (14)

You and your realtor should be able to satisfy all parties involved. Enjoy your home.
  • February 02 2012
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shouldnt be a problem.  As long as you have it worked out with the buyers of your current home! You don't want to end up without a place to live.  Just work out a possession agreement with your agents.

  • February 02 2012
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Profile picture for Thomas Trifon
Don't forget to have your homeowner's policy starting on the day you close. Lenders are finicky to protecting their loans.  :-)
  • February 01 2012
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Will we have to start paying our mortgage right after we close or is it after we take possession?

Your 1st payment will depend on the date on the documents, if the docs are dated Feb 2 or 3, then you probably have an interest credit and the 1st payment will be March 1. If the docs are dated after Friday, most lenders will not go past 5 days into a new month for an interest credit and you will be paying about 23 or 24 days of prepaid interest at closing putting your 1st payment on April 1. 
  • February 01 2012
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Profile picture for flerz
I didn't know closing and signing the closing documents were different, I guess this week, we're going to just sign the document and then close and take possession on the same day next week.
  • February 01 2012
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Looks like everyone gave you some good ideas to consider.  The mortgage lender answer is:  if it is a primary residence, the lender documents will say that you must occupy the property within 30 or 60 days, depending on the type of loan product and the lender's guideline.  Enjoy your home!
  • February 01 2012
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Profile picture for Thomas Trifon
Signing closing documents is not closing.

"Closing is the term used for the point in time at which the title to the property is transferred to the buyer and, generally, a mortgage (or "deed of trust") is given by the buyer/borrower to the lender."

This means that you will own the property. In order to own the property, the sellers will be given the money. IF your mortgager does not know about the early closing, there will be no money for the seller; and I'm sure the seller will not sign over the deed to their house without the money.

Once you close, you own the property. And if there were a problem that develops (regardless of when you take possession), it is your problem unless the sellers gave you some sort of warranty.

BTW, you can't rent back to the sellers their own property, you have to have closed first.
  • February 01 2012
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Profile picture for Ofe Polack
Personally, I prefer to close and take possession on the same day. Do the wealth rough on the way to the closing and take possession right after closing. The very best in your new home.
  • February 01 2012
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Another thing I would suggest looking into is your homeowners insurance coverage. Some will not cover incidents if the home is not owner occupied at time of incident.
  • February 01 2012
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Profile picture for flerz
I know there's a clause in our contract that gives us a 24 hour look over of the place before closing in case something was wrong. Now if we closed it this week, wouldn't that mean we'd be responsible for the place even if we haven't possessed it yet or is the seller still responsible till we get the keys and deed.

When you sign the closing contract, do you get the deed that day or is that suppose to be on the possession day?
  • February 01 2012
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Profile picture for the_country_hick
Assume you take possession a week after closing. Now assume their is a problem with the house that was not there when you agreed to buy it. What do you do now?
  • February 01 2012
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Profile picture for Shannon Rose
You most certainly can. You can sign all the papers close, and either have a rent back with the sellers, and rent the house back to the sellers until you are able to move in. Or you can purchase the property close and take possession at a later date, but you would be financial responsible whether or not you took occupancy immediately or not.
  • February 01 2012
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Profile picture for Thomas Trifon
You can sign all the closing papers this week, but unless the bank is notified that you would be closing early, they will not have the money available to provide to the seller early, and I'm pretty sure that a seller is not going to give you the deed without all the funds in their possession.

You do not have to be at the closing; your attorney can handle everything. (Probably a good idea to give him some POA if a signature is needed on some document at closing.)

Best advice, is talk to your attorney.
  • February 01 2012
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Shouldn't be a problem.  Your first mortgage payment is usually 45 days from the closing date.  It would only be a problem if you closed early and the seller had to do a lease back, in which case you'd need an additional addendum.
  • February 01 2012
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