Published: January 30, 2013 • Last updated: January 7, 2021 at 0:42 am

We Bought A New House – When Do We Get The Keys?

Dear Ross, we are buying our first home next month, and we want to move in to our new house as early in the day as possible. But our realtor tells us we will have to wait till late in the afternoon. Why is that? Can anything be done to speed things up?

-N.D., Toronto.

The keys should be delivered to the buyer once the title is transferred and recorded at the registry office. Many times the buyer’s lender funds the loan, but there is not a transfer of keys until the transfer of the deed is recorded.

A lot of times buyers ask to get the keys early (prior to the close of escrow), so they can move their furniture in.

Agents and lawyers frown upon this because of liability issues. The buyer’s homeowner’s insurance does not take effect until the title on the home has been recorded.

If an accident happened while the buyer or his friends/family were moving items in the house, the sellers and their insurance would be held liable.

If the listing agent gives the keys to the buyer’s agent prior to the closing, the buyer’s agent has a fiduciary obligation to hold the keys until the escrow closes. Failure to do so could result in fines or disciplinary action to the buyer’s agent.

When you’re buying a home, plan to get the keys at the end of closing day

I spoke with Maria Berenbaum, a Toronto real estate lawyer, to ask her view on this issue. She said most of the time the keys are with her when acting for the purchaser unless agreed otherwise. More often than not the keys are released after 3. It all depends on the bank funding the mortgage.

“For example with some lenders we feel lucky if our clients get the keys on the day of closing, because they tend to leave checking the documents till afternoon, and there are several signatures needed to release funds; then the wire transfer. It can be a mess.

Is it realistic to get keys at 12? Not really, even if I get the funds in the morning by 10 am, and everything goes smoothly, I need about 30 min at the bank followed by 1.5 hours for the courier. then registration. However, a problem is that most clerks take their lunch between 12-2 so if I’m lucky enough and the clerk doesn’t eat lunch we can register and release keys by 12:30. Otherwise, yes it’s true, expect the keys towards the end of the day, and avoid disappointment.”

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