When Do You Get Your Keys After Closing?
Understand the timing of key handover for your new home after closing, covering standard processes and common possession agreements.
A real estate closing marks the culmination of a property transaction. This process involves signing documents, transferring funds, and legally recording the deed. A common question for buyers centers around the timing of receiving keys to their new home.
Key Handover at Closing
In most real estate transactions, keys transfer to the buyer at or immediately after closing. This typically happens once documents are signed, funds disbursed, and the deed recorded. The recording of the deed is generally when legal ownership officially transfers to the buyer.
Upon confirmation of funding and recording, the buyer gains full legal possession. The seller is expected to have vacated the premises and ensured the property is in the condition agreed upon in the purchase contract. Keys are commonly handed over by the seller’s real estate agent, the closing attorney, or the escrow officer once these final steps are confirmed. This allows buyers to move into their new home without significant delay.
Common Possession Scenarios
While closing legally transfers ownership, physical possession can sometimes be subject to separate agreements, meaning keys are not always transferred at the exact moment closing documents are signed. A frequent arrangement involves a post-closing occupancy agreement, often called a seller leaseback. Under this agreement, the seller remains in the property for a specified period after the closing date, typically ranging from a few days to several weeks.
These arrangements are common when a seller needs additional time to move out or their new residence is not yet ready. Such agreements are formalized in writing before closing, often as an addendum to the purchase agreement. They detail terms like a daily rental rate, a security deposit held in escrow, and responsibilities for utilities and maintenance during the seller’s extended stay. Delayed possession can also occur due to funding and deed recording mechanics. In some jurisdictions, it may take hours or a full business day for funds to clear and the deed to be officially recorded, delaying key handover.
Post-Closing Practicalities
Once keys are received, several practical steps ensure security and smooth operation. Change all exterior locks immediately, as previous occupants or service providers may still have old keys. This enhances safety for the new residents.
Coordinate the transfer of utility services into your name, including electricity, water, natural gas, and internet. Contact providers one to two weeks before closing to schedule service transfer and avoid interruption. If a final walk-through was not conducted before closing, confirm the property is vacant and in the agreed-upon condition. Should issues arise regarding the property’s condition or occupancy after key transfer, contact your real estate agent or legal counsel.