When Do I Get The Keys

Dated: 05/11/2018

Views: 192

When I am writing a contract for my buyers, I only schedule closings for Tuesday - Thursday.  I avoid Mondays because it can be hard to find someone to answer a question that comes up over the weekend.  And Fridays.... I never schedule a closing for Friday.  That's because in Miami we rarely hand the buyers the keys until all the paperwork is signed, and the title company has funded the deal.  (Including that the bank has signed off on the preliminary paperwork).

So if you close on a Friday, and the bank isn't able to review your paperwork by 4, you won't get your keys til Monday.  And trust me, no one wants to stop a new homeowner from moving in for 3-4 days.  

But if the paperwork has been signed, why don't we just hand over the keys?  Because every once in a while, something goes wrong and the deal can't close.  And if that happens, if the buyer has already moved in, it will get ugly.  Sometimes seriously ugly.  

Read this article from Denver, on what happened when one deal went awry... but warning, it is not a pretty tale.  The buyers probably can be held responsible for the damage, but it's still going to be a long and ugly court case.


The moral - better safe than sorry!

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