It is the final wait, the longest wait, the wait for the magic words;
“Keys are releasable.”
While not the end of your home journey, it is certainly the beginning of the next chapter. But what happens the day before? The day after?
Before Key Release
The Week Before
A few things are going to happen the week before, here is what to expect. Something of note, even if key release happens at 10AM, the sellers do not need to provide access to the home until 12PM per the purchase agreement. It is important that your realtor get it in writing that they are allowed in before 12PM if keys are released early.
Meet with the lawyers to sign everything away (don’t forget your firstborn, they will be required as part of the down payment).
Note: Do not print the Bank Draft before your lawyer reaches out to you, the lawyer will provide you the exact number needed after legal fees, disbursements, etc.
Additional Note: Send your confirmation of home insurance to the lawyers! They need it!
Make sure your utilities, home insurance, condo fees, and HOA fees are all set up.
If having internet connected the same day as possession, book them for 2PM or later, I’ll explain soon.
Book your pre-possession walkthrough, this should have been added to the terms of the purchase agreement.
Book your movers or arrange your friends, you likely won’t be able to move in until after 12PM, so either have your friends be prepared to sit around for a bit, or have them arrive after 12PM.
The Day Before
Pre-Possession Walkthrough: The purpose of the pre-possession walkthrough is to make sure the home is in substantially the same condition as when you bought it, and that all the appliances are still present. Small holes from hanging paintings, mirrors, minor scratches from moving etc. do not fall under this, this is to help protect your from substantial damage such as missing fence, destroyed walls, flooring etc.
Holdbacks; a holdback is the legal term for withholding money due to excessive damage, or breach of contract. For example, if the seller had the fridge mentioned in Inclusions on the purchase agreement, but it is missing for the pre possession walkthrough, then chat with your lawyer and you can usually withhold money equivalent to the fix required.
Home Cleanliness: We do not recommend having the sellers professionally clean the home, we’ve been on both sides of the equation, more often than not, you as the buyer will not be satisfied with the level of cleanliness. Unless this is something mentioned in the agreement, or if the home has been turned into a literal pigsty since you last saw it, a holdback will be difficult to enforce.
Check with your lawyer (your realtor should do this); more often than not, the only answer you will get will be an annoyed “everything looks fine on our end”, but it is always good to check.
Your realtor will check with the listing agent about how everything is looking on their end, no news is good news.
Before Key Release
That morning, you may receive an email stating that the money has been sent, that is only half the battle. The money still needs to get there, sometimes it is couriered, sent electronically, or by some other electronic means. This can still take time, and a lot of time if something goes wrong. I had a possession once, money was sent that morning, but was lost in electronic limbo until 4PM that afternoon.
Where to wait for your realtor to call: You can wait outside the home if you’d like, you cannot step foot on the property until keys are released, but public parking is fair game. I usually recommend going and sitting down for a meal, because 9 times out of 10, that means that keys will be released right around the time that you finish ordering food.
The Longest Wait: There is going to be some waiting going on, and then a little more waiting, and then a little more. Eventually, your agent is going to call you to say “Congratulations! Keys are Releasable!” at which point, you are able to get access to the home via your agent or a One Day Code for the Lockbox (or other means, there are so many).
After Key Release
NOW you can pop the champagne, happy dance, or happy cry, I don’t judge, do what you feel is best to celebrate!
Time to Move In! Put down some carpets or mats, and start trucking everything in. Don’t forget to order pizza or an easy food to eat, I find it is best for the small boxes stage that you have an outside and inside team, outside team brings it into the foyer, inside team distributes the box to the right room. For larger items that aren’t easy to hand off or put down, try to have slip on shoes or just have a vacuum ready to clean up after yourself.
Home Ownership: The home is yours, the best time to plant a tree is 20yrs ago, 2nd best time is today; start maintaining your home! Caulking, filters, keep on top of the little things. If you want a handy checklist for that, please reach out to me and I’ll email you my Home Maintenance Workbook!
Congratulations on your new home! It is a very exciting time, and you should try to cherish the moment or take a moment to just admire your new home.
