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Closing on a Friday

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RABQUE
Regular Contributor

Closing on a Friday

I am scheduled to close on Friday August 7…..I was initially quoted a closing date of August 5…..Two days off….No biggie……

 

I remembering reading somewhere on here that if you close on Friday it is possible that I wouldn’t receive the keys that day….Something about loans not funding on Friday’s…Is this true in every case? What should I ask my Lo?...I want to make sure I get the keys on Friday…I already have people scheduled to come out on Saturday for a flooring estimate…..lol….

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Anonymous
Not applicable

Re: Closing on a Friday

I was supposed to close this Thursday at 3pm (but now the sellers can't make it and pushed it off til next week grrrrr.) My lawyer told me they scheduled it for so late in the afternoon because the loan takes all morning to get funded and that way by the time we close the money will have been wired.

 

Ask about it!

Message 2 of 4
ShanetheMortgageMan
Super Contributor

Re: Closing on a Friday

It all depends on the closing procedures in your area.  Here in Los Angeles you can't do same day recordings, so the loan funds on a Friday, it doesn't get recorded until Monday... thus you are paying interest for 3 days you do not legally own the home for (Friday/Saturday/Sunday).  However out in Riverside County, they can do same day recordings as long as it's set up the day before, so in that situation your loan would fund & record the same day, and if everyone agreed that posession would be on the day that it was recorded, you'd get the keys that day too.  All states east of the Rocky Mountains fund/record same day though (unless the document signing is after the recording clerk's office has closed).
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Message 3 of 4
RABQUE
Regular Contributor

Re: Closing on a Friday

I am scheduled to close at 11am EST on Friday……The Title company stated that they would need to have instructions and papers from the lender no later than 10:00 am Thursday morning to met the 11:00 am settlement….I am hoping this means I will get the keys on Friday…..We will see!
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