“K” is for Keys to a New Home

In Buyers by Doug Phelps

One of the many questions many new home buyers ask is, “When do I get the keys to my new home?” The easy answer is that a buyer takes possession of a new home at closing. However, this can all depend on local government and various contract contingencies.

Here are the most common scenarios for when you get your hands on those keys.

At Closing

This is the most standard scenario for getting the keys to your new home. In this case, the previous homeowners give you the keys at the actual closing event, when you sign the paperwork that officially conveys the title of the property to you. That means as soon as you complete the closing, the property is yours.

Before Closing

Sometimes, but rarely, the buyer can get the keys before closing. This typically occurs in situations where the house is already vacant. This doesn’t mean you can move in early though!  Just keep in mind that you need to have a clear written contract that outlines any liability during this “in-between” time.

After Closing (Doing a Rent Back)

Sometimes, a buyer might be asked to agree to a rent-back agreement. This is an agreement where ownership is conveyed to you and you allow the seller to retain possession and “rent back” the home for a time after the closing. This period can be from a few days to up to 60 days. A Realtor can help you create a proper and legally binding rent-back agreement that protects both parties. In this case, you’ll wait to get your keys until the sellers move out. For more information about Renting Back read this blog https://dougmovesyou.com/how-can-i-sell-my-house-and-not-be-homeless/

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