When can we get the keys?

keys

You can’t get the keys until the house is sold.

Real estate is somewhat cyclical. Most houses are sold in March, April, May and most people move in June, July, August. A question thats come up a few times over the past few months as clients were waiting for closing day was ‘when can I get the keys?’ or alternatively, ‘can I store some stuff in the garage until closing day?’. I’ve had clients even ask if they could begin renovations before closing day.

Of course, homebuyers feel that once the paperwork is signed and the mortgage approved, the inspection done, they own the house. They have mentally moved in and would like to get in and do some painting and preening before moving or even do some moving before moving day. Home buyers are, after all, moving from somewhere themselves and have to be out on a certain day. They need time to move out of their current house and clean up after the move out before they begin the move in.

 

Laws and liabilities

Unfortunately, there are laws and liabilities in the way. The lawyers will not release the keys until the funds have been transferred. Buyers have to wait until their lender sends the mortgage money over to the seller’s bank. Until then, the deal is not done.

And then there is the insurance issue. Seller’s are going to be advised by their agents (both insurance and real estate) not to allow any favours of stuff storage, even in the garage. What if something goes missing? What if there is a fire?

In a more perfect world, homebuyers requests for garage storage, painting or even minor fix ups and renovations would be allowed. But they are not and most buyers can understand why.

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