Real estate closing - what time of day of closing does ownership transfer?

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S4C5
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Real estate closing - what time of day of closing does ownership transfer?

Post by S4C5 »

My closing is on Friday.
It will be done remotely as I have to work all day about 3 hours away.
Everything is moved out of the house except for an expensive exotic car that I did not want to put on the street and a motorcycle in the garage.

As I will not be present for closing, I plan on coming back after work to get the car and motorcycle. I should have both out of the house around 8-9 PM and plan on leaving the remaining key and garage door opener at that time.

Am I technically trespassing at that point? Can they claim ownership of my vehicle?

My realtor is a total ass and not helpful at all. All he cares about is not jeopardizing the sale (i.e., siding with the buyers on everything never going to bat for me, etc) despite the inconvenience for me.

Moving the car before Friday is basically impossible unless I hire someone to do it, which is unacceptable to me.

The way I see it is that I have until midnight on Friday to get my stuff out if push comes to shove and they try to make a stink about it.

Thoughts?
orangeinvestor
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by orangeinvestor »

Once the docs have been signed by both parties, the property is no longer yours.
Last edited by orangeinvestor on Mon Jun 22, 2020 3:57 pm, edited 1 time in total.
123
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by 123 »

Ownership typically transfers at the moment the property deed is received by the county registrar of deeds. In my county the documents are time stamped when received. Often times the deed is not submitted for recording until the purchaser has been paid "good funds" as verified by the escrow company.
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sport
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by sport »

If you can move them after work on Friday, you can move them after work today, or tomorrow. It may be inconvenient, but why cause complications when you don't have to?
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CAsage
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by CAsage »

The day I closed on my last house purchased, I moved in that night. Rethink the car, you need to move it out.
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sailaway
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by sailaway »

Part of closing usually involves signing paperwork that
states you are handing over all keys and fobs.

If they are signing locally, they may well expect to go and enjoy their new home straight after closing.

If you can't make arrangements with the new owners, you should make arrangements to have the vehicles moved before closing. You certainly shouldn't expect to show up at someone's new home and go in their garage sometime just before midnight without having made arrangements.

In this case, your realtor may well just be interested in doing what is right, rather than what is convenient for you.
Daryl
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Daryl »

Honestly, I’d just ask the buyer if it was OK to leave those items in the house until the next day. A little bit of goodwill goes a long way!
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galawdawg
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by galawdawg »

S4C5 wrote: Mon Jun 22, 2020 3:47 pm My closing is on Friday.
It will be done remotely as I have to work all day about 3 hours away.
Everything is moved out of the house except for an expensive exotic car that I did not want to put on the street and a motorcycle in the garage.

As I will not be present for closing, I plan on coming back after work to get the car and motorcycle. I should have both out of the house around 8-9 PM and plan on leaving the remaining key and garage door opener at that time.

Am I technically trespassing at that point? Can they claim ownership of my vehicle?

My realtor is a total ass and not helpful at all. All he cares about is not jeopardizing the sale (i.e., siding with the buyers on everything never going to bat for me, etc) despite the inconvenience for me.

Moving the car before Friday is basically impossible unless I hire someone to do it, which is unacceptable to me.

The way I see it is that I have until midnight on Friday to get my stuff out if push comes to shove and they try to make a stink about it.

Thoughts?
Ownership transfers when paperwork is signed and money changes hands. You will need to provide all keys and garage door openers at closing unless you have made a different arrangement with the buyer.

What was your plan if the buyer has a moving company that needs to put items in the garage on Friday afternoon???

Surely this isn't a last minute closing...any reason you didn't move the car and motorcycle when everything else was removed from the house?

If it is actually your realtor that is a total a@@ and they are unwilling to approach this with the buyer, then perhaps you should make arrangements to get the vehicles out before closing and get the keys and garage door opener to your agent or lawyer.

IANYL.
earlyout
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by earlyout »

Talk to the buyer! Otherwise you may find your car and your motorcycle out in the street when you get there. Worse yet, they may not be there at all. Without other arrangements, assume that ownership transfers at the closing.
JediMisty
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by JediMisty »

sailaway wrote: Mon Jun 22, 2020 4:04 pm Part of closing usually involves signing paperwork that
states you are handing over all keys and fobs.

If they are signing locally, they may well expect to go and enjoy their new home straight after closing.

If you can't make arrangements with the new owners, you should make arrangements to have the vehicles moved before closing. You certainly shouldn't expect to show up at someone's new home and go in their garage sometime just before midnight without having made arrangements.

In this case, your realtor may well just be interested in doing what is right, rather than what is convenient for you.
+1. Once they have the keys, it belongs to them. I went directly to each house I purchased from the lawyers office, met my moving crew there and started moving boxes into the garage while the movers were moving furniture in. I'd want your vehicles removed before closing. Where am I supposed to put my stuff from the place I just left? IANAL.
9liner
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by 9liner »

If I'm the buyer, I want all of your stuff, particularly high-value items, out of the house the moment the docs are signed and deed is transferred. I would not want any liability issues to arise between the completion of closing and when YOU decide to pick up your stuff.

Suppose something happens on your 3-hour drive and you are unable to get there.
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8foot7
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by 8foot7 »

In NC ownership transfers the second the deed is signed. Docs get recorded same day in almost all cases but that does not change when ownership begins. At least here you certainly do not have until midnight that day. You have until you go to close.

As the buyer now owner no way I'm letting your expensive exotic car sit in my garage at my liability. Sure, a broom stick or a couple of boxes in the corner of the garage, whatever, but I don't promise to protect your belongings in my garage - what if I leave the garage doors open and run to the store before the movers get there? what if my movers ding up your car carrying boxes into my house?

If this is a real big deal for you then you need to negotiate a day or two of extended possession after closing and take out the appropriate renter insurance. In some cases delaying a move from a Friday night into a Saturday involves a night in a hotel and extra storage fees on a trailer, so expect to have to pay up.
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Mlm
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Mlm »

I would get my stuff out the day before closing unless you have made previous arrangements with the buyers. I doubt they would have any liability for your possessions or damage that could occur. When I closed I went from the closing to the house and had all the locks changed within a few hours. You could be locked out of their house as you should be.
bob60014
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by bob60014 »

Well look at what Mr S4C5 left us, how nice! ......Oops, little Johnny just scratched the car doors and dumped the bike too! Get the stuff out beforehand, you never know what can occur.
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by ScubaHogg »

S4C5 wrote: Mon Jun 22, 2020 3:47 pm
My realtor is a total ass and not helpful at all. All he cares about is not jeopardizing the sale (i.e., siding with the buyers on everything never going to bat for me, etc) despite the inconvenience for me.
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adamthesmythe
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by adamthesmythe »

(This is state-dependent. There are apparently some states where you can occupy for a brief period after closing. Unless you are in one of those states...)

Get everything out ahead of the closing. After all the buyer is going to see all this stuff when he does the walkthrough and will want it gone before signing.

Options include: take it in for an oil change; a parking garage, ...

> I want all of your stuff, particularly high-value items, out of the house

Actually I want the low-value items out also.
MarkerFM
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by MarkerFM »

When we moved out of a previous home, timing left us with a long drive starting the day after closing to the next house where we wanted to bring certain items, some valuable. We didn't want them spending the night in a vehicle parked in a hotel parking lot, so we arranged for our agent to ask the buyer if it was OK to leave the boxes in the garage that night.

They graciously agreed, since they weren't planning to move for awhile. We met our agent at the house early the next morning and waited until she arrived to open the garage door. We loaded up, gave her the opener, and went on our merry way. Not sure I would have asked to leave anything large and really valuable, and would never do it without asking beforehand and arranging for a neutral party to oversee removal.
HomeStretch
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by HomeStretch »

If I was the Buyer, I wouldn’t be keen on allowing you to leave the car and motorcycle after the closing mid-day for liability reasons and wanting the garage to store a lot of my moving boxes in. I’d agree if you threatened to delay closing if you signed an indemnification so I wasn’t liable for possible damage claims. For example, a mover could hit the car while placing boxes around it. Or kids could jump on it. Etc.
runner3081
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by runner3081 »

In AZ, it was almost always 4pm or so - time of county recording.
GlacierRunner
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by GlacierRunner »

I was told noon the next day. You should check with the title company or your local recorder of deeds since the realtor isn't helping you.
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Shackleton
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Shackleton »

We have always scheduled movers for the afternoon of closing, so the seller leaving things and coming back later would be a problem for us. Also, we have always had a final walk through before the closing to ensure the house is empty and no damage has occurred when the seller moved their stuff out, so I think you may hear from the buyers the morning of closing asking you to get your vehicles.
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Lalamimi
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Lalamimi »

We always were told when the money transferred (down payment). Talk to the Buyer's agent and get an agreement in writing that you can pick it up that night or by a certain time the next day. We "rented" one of the garages for $5 a day until we could remove everything in it. We did end up removing everything prior to closing.
Lalamimi
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Lalamimi »

You should report your realtor to his broker if he truly did this. We had a crappy realtor who we should have reported. Document with emails, texts etc.
muddgirl
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by muddgirl »

IIRC in Texas it is technically when the seller is fully funded. In 2011 it was about noon the following day, but everyone acted like it happened when the buyer signed the docs.

Treat day of closing like no man's land. If that's not possible you need to arrange something with the buyer asap.
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jfn111
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by jfn111 »

In MN possession occurs immediately after closing unless other arrangements have been made IN WRITING. We have a lot of simultaneous closings where the buyers are both selling and buying. They have to be out of their old house so the moving truck is sitting in front of the new house waiting to unload.
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galawdawg
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by galawdawg »

Lalamimi wrote: Tue Jun 23, 2020 8:24 am You should report your realtor to his broker if he truly did this. We had a crappy realtor who we should have reported. Document with emails, texts etc.
Unfortunately, it appears OP has had difficulty finding a realtor that meets his expectations (viewtopic.php?f=2&t=298890). Plus, we haven't heard the realtor's side of what OP said about them, but often one can learn much from the tone, tenor and nature of the post in its entirety.

Considering OP's financial situation (viewtopic.php?t=271052), it seems he could have arranged for a reputable and insured auto transport company to move his forty-thousand dollar ($40,000) exotic car (viewtopic.php?t=296294) and motorcycle and avoided this situation entirely. But he said in his original post that was "unacceptable" to him. Hence his predicament.

If OP wants to make an issue of this instead of just vacating by closing, he would probably be well-served to consult with his attorney.
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Jack FFR1846 »

As in many states, in ours, the transfer occurs when the exchange takes place at closing.

From a practical perspective, my actual experience is this. My lawyer and we went to the morning "sell" closing while our friends finished putting the final stuff in our rented moving truck. Following this closing, we came with pizza, we all ate and then drove off. We arrived at our new house (6 miles away) and unloaded while our lawyer did the "buy" closing. We had gotten the ok from the seller to unload early and I had already unloaded things that were staying outside, like a snowmobile on a trailer.

In your case, why not rent a car trailer and truck. Load the motorcycle into the truck and car on the trailer (get measurements if it's something wide...and of course some 2x6's to make the approach shallower). Drive the truck somewhere. Where will these things be later on?

Certainly you could alternatively arrange service and short term inside storage. Detailer shop?
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Dave55
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by Dave55 »

S4C5 wrote: Mon Jun 22, 2020 3:47 pm My closing is on Friday.
It will be done remotely as I have to work all day about 3 hours away.
Everything is moved out of the house except for an expensive exotic car that I did not want to put on the street and a motorcycle in the garage.

As I will not be present for closing, I plan on coming back after work to get the car and motorcycle. I should have both out of the house around 8-9 PM and plan on leaving the remaining key and garage door opener at that time.

Am I technically trespassing at that point? Can they claim ownership of my vehicle?

My realtor is a total ass and not helpful at all. All he cares about is not jeopardizing the sale (i.e., siding with the buyers on everything never going to bat for me, etc) despite the inconvenience for me.

Moving the car before Friday is basically impossible unless I hire someone to do it, which is unacceptable to me.

The way I see it is that I have until midnight on Friday to get my stuff out if push comes to shove and they try to make a stink about it.

Thoughts?
You could either work something out with the buyer, or remove your vehicles before closing. Given the choice, I would remove the vehicles.

Dave
katrid11
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by katrid11 »

Most new owners would be amiable to the car/cycle being there a few hours longer.

HOWEVER to cover yourself, you should paper this with a leaseback of the garage for the day. That will cover the new owner and you in the event something happens. IE if the garage roof caves in from a freak tree falling, your "leaseback" will ensure your insurance knows that it was "your rental area" at the time.

We did this with our first home. The owners could not move out in the right time frame. They compensated us for 48 hours of leasing. While I owned the house, the "renters" were responsible for any damage that happened between docs signing and the end of their lease.
as9
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by as9 »

You could see if the buyer's are open to doing a 24 hour rent-back agreement. That way you have a legal right to have your property there and access it Friday night/Saturday morning. They get a bit of money for the inconvenience. Unless they already have movers scheduled for Friday then I imagine they'd be open to this.
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unclescrooge
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by unclescrooge »

katrid11 wrote: Tue Jun 23, 2020 9:24 am Most new owners would be amiable to the car/cycle being there a few hours longer.

HOWEVER to cover yourself, you should paper this with a leaseback of the garage for the day. That will cover the new owner and you in the event something happens. IE if the garage roof caves in from a freak tree falling, your "leaseback" will ensure your insurance knows that it was "your rental area" at the time.

We did this with our first home. The owners could not move out in the right time frame. They compensated us for 48 hours of leasing. While I owned the house, the "renters" were responsible for any damage that happened between docs signing and the end of their lease.
+1
Ask your agent to draft an addendum stating you will pay the buyers $100 to lease back the garage for 24 hrs.
Problem solved.
Or just don't sign the paperwork until Saturday morning, assuming the escrow office is open then. :twisted:
michaelingp
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Re: Real estate closing - what time of day of closing does ownership transfer?

Post by michaelingp »

as9 wrote: Tue Jun 23, 2020 9:52 am You could see if the buyer's are open to doing a 24 hour rent-back agreement. That way you have a legal right to have your property there and access it Friday night/Saturday morning. They get a bit of money for the inconvenience. Unless they already have movers scheduled for Friday then I imagine they'd be open to this.
From my limited experience, rent back is pretty common. Get a one day rent back, but be prepared to pay for it.
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