One of the most common questions we receive from homebuyers is, "When will I get my keys?" Closing day is an exciting moment, but it's important to know that there are a few steps that need to take place before you can officially call your new home yours. These include the transfer of funds, registration of your name on the title, and a few other legal formalities. Unfortunately, your REALTOR® won’t be able to give you an exact time as to when you’ll get the keys. Only your lawyer will know when the process is complete.
Steps Before Obtaining Your Keys
After you’re satisfied with your pre-closing inspection, we give your lawyer the green light to proceed with closing the transaction. This usually happens the day before closing. Here’s a brief rundown of what happens next:
Final Walkthrough: Once the final walkthrough has been completed, Your REALTOR® will inform your lawyer that the deal is ready to close.
Funds Transfer: Your lawyer will request that the bank transfer funds for the purchase. The bank transfers the funds to the seller’s lawyer’s trust account. The timing of this transfer depends on the bank and the amount of closings happening that day.
Title Registration: Once the seller’s lawyer confirms receipt of the funds, your lawyer will then register your name on the title, along with any relevant mortgage information.
Receive Your Keys: Once steps 1 through 3 have been completed, you’ll get your keys!
While the goal is to complete all these steps by the end of the day, in our experience; most buyers typically receive their keys by mid-day. Your lawyer will keep you updated on the progress, and everyone involved will work diligently to ensure the transaction is as efficient as possible.
Tips for Buyers: Final Walkthrough & Closing Day Checklist
Before you start unpacking and settling into your new home, here are a few things you should check to ensure everything is in order:
Inclusions: Verify that all the inclusions listed in your purchase agreement are present. Moving can be chaotic, and sometimes sellers inadvertently take items that should stay.
Functionality: Test all appliances, electric fireplaces, heat pumps, and other inclusions to make sure they are working properly.
Leftover Items: Check for any items left behind by the seller that weren’t included in the agreement. If there’s anything you’d like the seller to remove, let your Realtor® know.
Condition of the Home: Take a good look around to see if the home is in the same condition as when you last inspected it. Sometimes accidents happen during the move, and it’s important to catch these early.
If you notice anything out of place or something isn’t quite right, contact your REALTOR® and lawyer immediately. Most issues can be resolved quickly on the closing date, and we’re here to ensure that you’re happy with your purchase. Remember, this is a big step, and we want to make sure it’s as smooth as possible for you. Happy closing day!
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty