Purchasing a home can be a long process. It may take weeks or even months. You have to get a loan, have an inspection, negotiate the price and much more.
So when do you actually take ownership? Many people associate getting the keys with officially becoming the owner of the property. So when is that going to happen for you when you purchase your new home?
You usually get the keys at closing
As a general rule, you will be given your keys when you close on the property. At this point, the title has been transferred into your name and you are the owner of that property. You could leave the office where the closing is carried out and go directly to the home, if you so desired. You should already have your mortgage in place, and all of the paperwork should be complete.
That said, there can be some exceptions to this rule. Some sellers will write a home contract in such a way that it specifies a later date for ownership to be exchanged. For instance, maybe they still want to live in the home for a few months while they look for another house. So it is important to understand the details of the contract you signed, as it may change when you actually take ownership of the property. You also want to ensure that you are not paying the mortgage on a property that you do not legally own yet, so the paperwork needs to line up correctly.
If you run into any complications while buying a house, be sure you know exactly what legal steps to take.