Sometimes getting the keys conveyed properly is a small hurdle.
Folks sign all the paperwork, and expect to get the keys. Legally, they do not own the home in North Carolina until the deed is recorded. And that is the best time to hand over the keys, after recording of the deed. The final title search for liens is performed just before recording. Things happen. Issues arise. Not often, but often enough to justify holding the keys until recording.
That can be difficult to understand, when they have driven across the State, or across Country, and the moving van with all their belongings is circling the attorney's office...
It is common in Cary, NC, to give the keys to the Buyers at the closing table. Most Sellers do so, and I wonder if they truly understand the risks involved.
I tell my Sellers it is wise to offer the keys after recording, but that the decision is theirs. I clearly tell Buyer Agents that we need to close early enough in the day to allow time for recording, "So the Buyers can get the keys the same day."
Often the keys are left with the closing attorney, who gives them, or doesn't give them.
I went to a closing this week. Seller side had come in earlier and signed their paperwork. We were waiting for the Buyers' down payment and the mortgage funding wire transfers into the trust account, and they were delayed.
Paperwork done, the attorney said, "I have a front door key here, somewhere..." He dug it out, and started to hand it over. I heard his wheels turning... wire transfer.... not recorded... Hmmm...
He started to pull back, as he thought about the funds transfers. I could see him wavering. I understand and empathize, seriously. It is a significant decision, fraught with liability all around, to allow someone occupancy, without an absolute assurance of consummation at the bank and courthouse.
He hesitated a little more. My Buyers seem like such nice folks. (They really are...)
The secretary stuck her head in the door, as he wavered a little more. As he paused, she said, "That was the other agent on the phone. She has put the other front door key under the door mat."
It got quiet, and then some grins began to bloom around the room. I grabbed the opportunity to quip, "Sir, if you will feel better about holding that key, I'm sure it isn't an issue for these nice folks."
He laughed and tossed them the key. The wire hit about an hour later. Recorded, done deal, happy Sellers and Buyers!
Mike Jaquish Keller Williams Realty, Cary, NC
;)
;)
Mike, How do you feel about the Buyers Agent removing the key from the lockbox at the walkthrough right before going to closing? My sellers had vacated and relocated. They did a mail closing. Buyers agent went to walk through a couple of hours before closing...and removed the key. I did not know she was planning to do this and did not find out until the next day.
Ginger