After months of planning, you are now ready to move into your new home. You searched long and hard and found the right home, at the right price, in the right neighbourhood. You shopped for and arranged the best mortgage possible. You have been packing your belongings for months in anticipation of moving day. An appointment to meet your lawyer prior to closing and sign all the necessary papers has been arranged. Every last detail has been taken care of. However, all of your planning hinges on one important detail: the key. Without it, you cannot begin to move into your home. The issue of when you will get the keys to your newly purchased home is often overlooked. This column will give you an idea of what to expect in this regard.

Very few purchasers understand how keys are released in a real estate transaction. There are a few important points to keep in mind. Firstly, if you are buying a resale house or condominium, you will not receive the key to your home until the transaction is closed. Closing typically occurs at the Land Registry Office once the lawyers for the seller and buyer have exchanged the closing documents, registered the deed and exchanged funds. Lawyers now close many transactions electronically for the seller and the buyer. Secondly, your lawyer will not be able to tell you exactly when the closing will occur. Thirdly, you should not arrange for your moving company to begin work until later in the day, when most closings take place. If you hire movers for too early in the day, they will be left standing around and you will be forced to pay their hourly rates for them to do so.

Many purchasers are frustrated to learn that they likely will not receive their keys until later on closing day. There are several reasons why this may be the case. First of all, the purchaser’s lawyer is dependant upon the availability of the vendor’s lawyer to close the transaction. If the vendor’s lawyer is busy with other closings and does not show up at the Registry Office until later in the day, your closing will be delayed. Additionally, if your closing is scheduled to occur at the beginning, middle or end of the month (when most closings take place), the high number of transactions closing at that time may result in a delay. Another factor that may result in a delayed closing (and in turn, the delayed receipt of keys) is the late arrival of mortgage funds, which can cause the purchaser’s lawyer to scramble to deposit these funds and issue certified cheques for the closing. Long line-ups at the bank may also cause delays. Finally, if you are picking up the key at your lawyer’s office and the key is coming from the Registry Office or another office, traffic may cause a delay.

Unfortunately, many of these factors are beyond the control of your lawyer. The good news, however, is that there are ways to reduce the likelihood of a late-day closing. First, try to schedule your closing on a day when the Registry Office isn’t as busy. Avoid the beginning, middle and end of the month. Second, ask your lawyer if the key can be left with your real estate agent. While this won’t necessarily hasten the closing, it will allow you to pick up the key from a more convenient place.

These tips aside, it is important to remember that if your purchase is closing on a busy day, such as the beginning, middle or end of the month, you won’t likely get your key until later in the day. Be sure to plan accordingly.