KEYS ON CLOSING
At the law offices of Stephen Shub, we have facilitated over 70,000 residential real estate closings in the Greater Toronto Area. From this experience, we have gathered some important advice regarding the release of keys on your closing day. We have also included two clauses that can be inserted into your Agreement of Purchase and Sale to assist with the exchange of keys on closing.
- Once the purchase transaction has been completed (i.e., when the documents have been registered with the Land Registry Office and the purchaser(s) becomes the registered owner(s) on title) keys are normally released:
- at the construction trailer or sales office for freehold properties OR
- at the site management office or concierge for condominium properties
- Although a key might be available earlier on the closing day when purchasing from a builder, keys are usually not available until about 4:00 pm on the closing day.
- If you are purchasing a resale property and are planning on moving in on the day of closing, it is suggested that you arrange for movers to arrive in the late afternoon. This will ensure you do not incur unnecessary moving costs if you are paying hourly and keys are released later in the afternoon.
- If your purchased property is a condo apartment, you must contact the management office well in advance of your moving day to reserve an elevator. Reserving an elevator often requires a refundable security deposit, so remember to prepare accordingly.
- For condo apartments, it is wise to plan your move for the day after closing to ensure there are no elevator reservation issues in the event your transaction closes late in the day and keys are obtained after 5:00 pm.
- When selling and buying happens on the same day, and the new property being purchased is a condominium apartment requiring an elevator reservation, chances are that by the time the lawyer has closed both the sale and the purchase, clients will not have their keys until 5:00 pm
- Most condo apartments do not allow for elevator reservations after 5:00 pm, as this time is often peak elevator usage.
- We recommend renting a truck for 24 hours and packing belongings away in the truck overnight and moving into the new property the day after closing. This also gives you the opportunity to give your new property a quick cleaning before moving in your belongings.
If you would like to insert a key clause into your resale Agreement of Purchase and Sale, please consider the following:
- A) KEY CLAUSE FOR A NON-CONDO
“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 premise. All other available keys and any applicable alarm information must be provided on closing or be left in the kitchen of the subject property.”
- B) KEY CLAUSE FOR A CONDO
“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 set of entry door keys, 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 is understood that all other available key(s), security card(s), security information and remote control(s) to the unit and any mailbox, locker, parking and common area facilities will be providing on closing, or be left in the kitchen of the unit, except for any items which management requires to be returned.”