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Getting Your Keys on Closing Day

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A)      IF SELLING AND BUYING SAME DAY AND THE PURCHASE REQUIRES AN ELEVATOR RESERVATION IN A CONDO BUILDING

When selling and buying happens on the same day but purchase involves a condo requiring an elevator reservation on the purchase, the odds are that by the time the lawyer closes both sale and purchase and the purchaser gets a key, it will be 5 p.m., and often high-rise condo management companies will not allow an elevator to be used for moving after 5 p.m. when it is rush time for residents in the building coming home for dinner.

If the purchaser will be moving themselves (not hiring movers at an hourly rate), and can rent a truck for 24 hours, and if the truck is big enough to take everything in one load, then the purchaser can pack up the truck starting at 1 p.m. on the closing day and leave everything in the truck overnight and reserve the moving elevator to move into the condo for the morning after closing. This also gives the purchaser the evening of closing to do any last minute clean up in the condo (i.e., their new home) before moving in the next morning.

B)      IF PURCHASING FROM A BUILDER

As soon as the purchase transaction has been completed (usually by registration in the LAND REGISTRY SYSTEM on the closing day) the keys are typically released at the applicable construction trailer or sales office, if the property is not a condominium. If the property is a new condominium, keys are usually released through the site management office or concierge (if any) in the afternoon on the day of interim occupancy (or on the day of final closing if there is no interim occupancy).

Although a key might be available earlier on the closing day when a purchaser is buying from a builder, keys are usually not available for release to buyers until about 3:30 p.m. on the closing day.

C)      IF PURCHASING A RESALE PROPERTY

Since the completion of most resale purchases (by the lawyers involved) occurs by registration in the Land Registry System in the afternoon on the day of closing (after which time the key is released), it is suggested that (if a purchaser is moving on the closing date) movers should be arranged so that their arrival at the property being purchased will occur late in the afternoon of closing in order to avoid unnecessary moving costs if you are paying movers on an hourly basis. If you are moving into a condominium apartment, contact the management office well in advance to reserve any elevator that might be required; reserving an elevator usually involves a security deposit; consider closing the purchase for a condominium at least one day before moving so that there will be no problem regarding time for reserving an elevator for the move if a key is not obtainable on the actual closing date until about 5:00p.m.

D)       ELECTRONIC REGISTRATIONS AND RELEASING A KEY EARLIER ON CLOSING DAY

Even if a purchaser is able to get a key early on the day of closing a resale property, there is no real benefit if the vendor does not finish moving out until 6 p.m. on the closing day (being the maximum time limit for vendors to move out according to the terms of the typical sale agreement).

When choosing a lawyer, a purchaser should ask whether the lawyer's office has electronic closing facilities. This can be an important consideration for possible early release of a key on closing day if the property is located in land registry offices capable of remote electronic registrations.

If the property being bought can be registered electronically (and the lawyer's office is equipped to close electronically), the client's advantage is that the lawyer might be able to get a key (for purchaser) or closing funds (for vendor) earlier on the closing day than was traditionally the case when the lawyer would have had to travel to the registry office and get into a time consuming line-up in order to complete the purchase/sale on the day of closing, which typically would result in a key (or closing funds) not being available to clients until about 5 p.m. on the closing day. Think about it! Is the lawyer's office ready to close electronically? In order to complete an Electronic closing, both the purchaser's and the vendor's lawyers' offices must have electronic facilities!

E)      PROPOSED KEY CLAUSE TO BE INSERTED IN A PURCHASE OFFER FOR A PROPERTY THAT IS NOT A CONDO

CLOSING KEYS: In addition to providing at least one entry door key to the subject property through the vendor's lawyer on closing, the vendor will also provide on closing another entry door key to be released through either a listing broker's office or to be made accessible in a lock box on the premises with all other available key(s) (and any applicable alarm information) being provided on closing or being left in the kitchen of the subject property.

F)       PROPOSED KEY CLAUSE TO BE INSERTED IN A PURCHASE OFFER FOR A CONDO

CLOSING KEYS: In addition to providing at least one set of door key(s) to the subject property through the vendor's lawyer on closing, the vendor will also provide on closing another set of entry door key(s) to be released through either a listing broker's office, or to be made accessible in a lock box on the premises (or with a designated person at the subject property), it being understood that all other available key(s), security card(s), security information and remote control(s) to the unit and any mail box, locker, parking and common area facilities will be provided on closing or left in the kitchen of the unit except for any items which management requires to be returned.

 

 

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