The question, "Do you get keys at closing?" is a common one for first-time homebuyers and seasoned investors alike. The short answer is: usually, yes, but there are nuances to consider. This guide will delve into the intricacies of receiving your house keys at closing, exploring potential exceptions and what to expect during this exciting final stage of the home-buying process.
What Happens at Closing?
Closing is the culmination of a long process, bringing together the buyer, seller, real estate agents, lender (if applicable), and title company representatives. During this meeting, all parties finalize the transfer of ownership and handle the financial aspects of the transaction. This involves signing numerous documents, including the deed, mortgage (if financing), and other related paperwork. Critically, this is where the seller transfers ownership of the property to the buyer.
Do You Always Get Keys at Closing?
While getting the keys at closing is standard practice, it's not a guaranteed scenario. Several factors can influence when you actually receive them.
Situational Factors Affecting Key Handover:
- Seller's Availability: The seller must be present at closing to hand over the keys. If they're unable to attend, arrangements must be made beforehand. This might involve a designated representative, or the keys could be left with the closing agent for later pickup.
- Property Condition: If significant repairs or cleaning are unfinished, the seller might retain the keys until these tasks are completed to the buyer's satisfaction. This is usually outlined in the purchase agreement.
- Pre-Closing Occupancy: In some instances, the buyer might be allowed to move in before the official closing date. In such cases, the keys will likely be given earlier, but the legal transfer of ownership will still occur at closing.
- Post-Closing Occupancy: Sometimes, the seller needs to remain in the property for a short period after closing. A specific agreement should detail this temporary stay and the key handover arrangement. This situation isn't uncommon when moving to a new residence is delayed.
- Title Issues: Unforeseen title issues could delay closing, thereby delaying the key handover. While rare, this highlights the importance of a thorough title search before finalizing the purchase.
What if the Seller Doesn't Show Up to Closing?
If the seller fails to appear at closing without a valid excuse and agreed-upon alternative arrangement, it could severely disrupt the process. Your real estate agent and the title company will work to resolve this issue, potentially involving legal action. The sale might be delayed, or even worse, fall through.
What About Access Before Closing?
Some situations allow for access to the property before closing, such as for inspections, or if the seller has agreed to allow early move-in. This access is often governed by separate agreements and usually doesn't involve receiving the primary set of keys. Temporary access codes or key arrangements might be used.
What to Expect at Closing Regarding Keys:
- Verification: Confirm you're receiving all sets of keys, including garage door openers, mailbox keys, and any other relevant access devices.
- Documentation: Ensure the key handover is documented in the closing paperwork.
- Security: Change the locks immediately after receiving the keys to ensure your property's security.
In Conclusion:
While receiving keys at closing is the norm, exceptions can occur. Open communication with your real estate agent, the seller, and the title company is crucial. Understanding the possibilities and preparing for potential scenarios can ensure a smooth and successful home-buying experience. By being prepared and asking clarifying questions throughout the process, you can make the key handover at closing a straightforward and joyful experience.
