Keys are typically released at 12:00 noon on the day of closing. There can be a delay in key release for various reasons such as a delay in the funding of your new mortgage or negotiations over an issue that has appeared at the last minute or the courier with the cheque being held up in traffic. We highly recommend that you not have a mover booked to deliver your furniture or a painter or other renovator ready to start work at 12:00 noon on the completion day. Allow sufficient time to get the keys and inspect your new home thoroughly before the movers or renovators walk through the door. On rare occasions, keys may not be released until late in the afternoon on the completion day. If there are significant delays with funding the mortgage, keys can typically be released on a tenancy basis. However, there is no guarantee in this regard. This points out the desirability of having mortgage instructions and real estate instructions sent to our office as early in the game as possible.
Deficiencies On Closing
What about deficiencies on closing? Although it is rare, purchasers will occasionally get the keys to their new home only to find out damage was done by the previous owners after the last inspection or something has broken such as an appliance. Under contract law, we cannot unilaterally hold back any portion of the purchase price despite the presence of deficiencies. All we can do is contact the lawyer for the seller and hope they are cooperative enough to negotiate some resolution. Ultimately, if the dispute cannot be resolved, your recourse is to file a lawsuit.