The answers to the top 2 real estate questions about moving and being paid.
It is only natural to have a lot of questions when it comes to buying and selling a property, especially for first-time buyers or sellers. So today, I’m going to answer two frequently asked questions and shed light on the important considerations about property transfers and financial transactions.
Question 1: When can I move in or out of my property?
A common point of concern for both buyers and sellers is the time of moving in or out after making a sale. While there are no hard rules about the exact timing, the answer to this is mostly based on the buyer and seller’s negotiation and contract.
Generally, the buyers can access and move into the property upon recording or when ownership officially transfers from the seller to the buyer. This happens after completing and submitting the required documents, and the money is transferred over to the company. Recording typically happens either the day it is signed or the day after. Most of the time, there is a 24- to 48-hour time frame for possession after the property is officially in the buyer’s name.
A buyer and seller can negotiate the terms based on what works best for them. I’ve even seen some sellers request a week to move out for potential leaseback arrangements. Lastly, when it comes to lenders, where a loan is used to buy the property, the rule of thumb is that they want to see possession take place within 60 days of that property being sold.
Ultimately, the terms can be customized to suit the preferences and needs of both parties.
Question 2: When do I receive the money from my sale?
This is a valid question to have, and it is understandable to get excited to finally receive the money in your bank account. Once the property is recorded in the buyer’s name, the transaction is considered closed. However, the transfer of funds is not automatic. Instead, the company needs to wire the money into your account, which is subject to wire cutoffs and processing times.
Usually, the funds may take about 24 to 48 hours before sellers see their money reflected in their bank account. For some people who need the money quickly because they’re going to buy another property, planning ahead is crucial. While same-day transfers are possible in some cases, manage your expectations and expect to receive the funds within 24 to 48 hours.
I hope this helps to answer some of your questions, and if you have additional concerns regarding handling these kinds of situations, please call me. I’m here to assist and be a resource for you and the people you know. As always, I appreciate you keeping me in touch, and I hope to speak with you soon. Have a wonderful day!