Question:
How do you ensure that the Buyer gets all the keys on closing?
Answer
Naturally everyone wants the full set. Lawyers at best have one key to deliver and that’s always inconvenient on the closing day. It’s traditional, but a key is not actually required to complete the closing. Think about a 25 acre parcel of land. Where’s the key?
The additional sets in the possession of other third parties, should be retrieved if possible, but the Buyer should ALWAYS change the locks, no matter what.
Let’s assume that a mother, father and five children lived in the house. Thay all had keys! The children have moved out. You can’t get their keys. And, there’s another set with the previous Owner.
Change the locks. A locksmith is not that expensive.
Brian Madigan LL.B., Broker