Apr 19, 2012

Tip 16-2012: When Do I Get My Keys?

Charlottesville Real Estate Attorney

Tip 16-2012:  When Do I Get My Keys? 

With the real estate market heating up, this old question will become an issue more and more.  Besides "How much money do I need to bring to closing?", the second most asked question by a Buyer is, "When do I get my keys?"  Although there is no single rule, the majority practice for new construction appears to be "when the deed and check have been exchanged, or when the deed has been recorded." 
For re-sale of existing homes, there is no general rule.  The keys may be given at the final walk-through, may be handed to the Buyer at the settlement table, or may be delayed until after recording (i.e. REO Sellers.)  No matter when the keys are to be delivered, make sure that the Buyer knows when and how to get the keys.

PS - I personally prefer the keys be given to the Buyer at the settlement table, after the Buyer has signed all their loan docs and delivered their closing check.  At this point, the Buyer has done all he can, the closing will occur as soon as the lender's money is wired and the two settlement attorneys can meet.  The only thing left for the Buyer is to move in!  This is a great opportunity for the realtor, who should be present at closing, to be the hero by handing over the keys.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.  Thank you for allowing us to send you this email.    

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William D. Tucker, III 
Charlottesville 434-973-7474 | Lake Monticello 434-589-3636  
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