So you accepted an offer on your home. Congratulations! But when do you give the keys to the buyer? As a seller, handing the keys to the buyer marks a significant milestone in the real estate transaction. Understanding the timing and implications of giving the keys to the buyer can help ensure a smooth and successful ownership transition. Let’s explore the key considerations surrounding this important home-selling aspect.

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Coordinating with the Real Estate Agent:

Throughout the buying process, buyers and sellers will work closely with their real estate agent to orchestrate any agreed-upon home access and ensure a seamless transition. The agent can provide valuable guidance on the appropriate timing for handing over the keys and ensure all necessary documentation and formalities are completed following the legal requirements.

Learn more about the process of selling a house with these posts next:

• Top Home Inspection Items
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• An Offer is In – What Can You Expect?

Security and Property Protection:

As a seller, it’s important to prioritize the security and protection of the property until the formal transfer of ownership is complete. This includes safeguarding the keys and ensuring the property remains secure and well-maintained during the transition period leading up to the closing.

The Final Walkthrough:

Typically, on the day of closing or the day before, a buyer will conduct a final walkthrough of the property to ensure everything is the same as the offer date or the home inspection. The buyer’s agent will provide access to the buyers on this date, and typically, the buyer’s agent will then take the key from the lockbox and give it to the buyer at settlement. Sellers should maintain transparency regarding the property’s condition and leave any relevant instructions for operating the home’s systems and the location of additional keys or security devices at the walkthrough. It’s very helpful for a seller to label any extra keys. For example, a condo may have multiple keys for the building door, unit door, mailbox, garage, gym, etc. The seller may leave any extra keys on the counter or in a visible or agreed-upon location or bring the extra keys to closing with the settlement company and let the settlement company hand over any extra keys at closing.

The Closing Process:

The moment when the keys are officially transferred to the buyer typically occurs during the closing process. Closing, also known as settlement, is the final step in the real estate transaction, where the legal transfer of the property from the seller to the buyer takes place. During this pivotal stage, the keys to the property are handed over, signifying the buyer’s official ownership of the home.

Get more answers to your selling questions with these posts next:

• Are Open Houses Necessary for Selling a House?
• What to Do if You Need to Sell Your Home Fast?
• How to Negotiate as a Seller

What Happens if There is a Rent Back?

If there is a rent back, the seller will still give the buyer a key at closing as the buyer is now officially the property owner. The seller maintains a copy for living purposes and then leaves the key with the buyer (now seller!) on the final day of the rent back.

In conclusion, giving the keys to the buyer as a seller involves careful coordination, communication, and adherence to legal requirements. By understanding the pivotal role of key transfer in the closing process, sellers can contribute to a positive and efficient experience for themselves and the buyers.

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If you’re looking to buy or sell in the DMV, we’d love to help. Contact us today! Call us directly at 703-362-3221 or email sue@thegoodhartgroup.com or allison@thegoodhartgroup.com.