This is one of the main questions most buyers start to ask just after inspection and the transaction is near to closing. While each state has a different rule and long regarding this stature, Washington’s law says that once all of the documents have been signed, monies have been dispersed, and the deed is recorded with the County and city, only then can the keys be released to the buyer.
Many buyers ask if they can have the keys ahead of time to either take measurements, check out paint colors or repairs, etc. but the only way that the buyers can have entrance into the house is with the authority of the buyer’s agent or the seller’s agent. At no time should the buyer be given keys before the transaction has completely closed.
Many times buyers can be frustrated during this time because of the length of time they can take to finally close a deal. Once the buyers and sellers have signed on the final documents and paperwork, escrow needs to take all of those documents to the lender for verification and release of the funds to the seller for the sale of the house, down payments, and commission costs. After this, the documents and then all go to the county in which the house or real estate was located in the deed must be filed. Once the county has released recording numbers that the documents have been filed, only then is the buyer’s agent allowed to release the keys. Typically, the buyer’s agent will have the keys ahead of time but may meet the buyer at the property to detach the key box or lockbox and hand the keys over personally.
It is a precaution that most buyers should have the locks changed since they are unsure as to how many people the previous owners have given the keys to. But at no time should the buyer have access to the property or inside the house before closing has taken place or without the buyer’s agent.
Furthermore, the buyers should not attempt to contact the seller or the listing agent without the buyer’s agent’s knowledge. This can cross multiple lines of ethics and may cause issues that could terminate the entire transaction. It’s best to have all communication between the buyer and the seller filter through their representation/ their agents.
So when do you get the keys on your new Camano Island real estate? Once everything is finalized in the deed is recorded I would be happy to hand over the keys to your new property. Let me know how I can help you get into the right Camano or Stanwood home today.
Published on 2019-10-01 15:36:53