Purchasing a new home is an exciting milestone, but the final steps before moving in can feel shrouded in legal complexities. Many buyers wonder when they will actually get the keys to their new properties. The answer, as with many legal matters, is that it depends.
The timing of the transfer of keys can vary
Several factors can affect the timing of key handover:
- Mortgage approval and funding
- Title search and insurance
- Property inspection and repairs
- Seller’s move-out timeline
- Coordination between all parties involved
Typically, new homeowners get their keys on the day of closing, also known as the settlement date. This event typically occurs 60 to 75 days after the contract is signed and circulated to all parties. During the closing, the parties sign all necessary paperwork and transfer title and funds.
The exact timing of key handover can vary based on local customs and individual agreements. Some real estate agents may ceremonially present the keys at the closing table, while others might arrange for key pickup at a later or different location.
It is rare, but there are times when a seller will give the keys and access to the house before the closing, usually after all title and financing is approved. Insurance will have to be obtained and an agreement setting forth the obligations of all parties drafted and signed.
In some cases, you might not receive the keys immediately after closing. This can happen if the seller needs extra time to move out or if they need to do last-minute repairs. In such situations, a “rent-back” agreement might be implemented, allowing the seller to stay in the property for a short period after closing.
Legal matters can also impact key transfer. For instance, if there are liens on the property or disputes about ownership, the seller must resolve these issues before the closing.
Seeking legal guidance is essential
Real estate transactions often involve attorneys who oversee the closing process. Although the presence of attorneys can sometimes extend the timeline, it provides valuable legal protection for both buyers and sellers.
Remember, getting the keys to your new home is just the beginning of your journey as a homeowner. Do not hesitate to seek the help of an attorney if you need guidance.
