Collecting your keys
If you are buying a new home from a Builder you can usually obtain the keys at the site office immediately after closing. Generally speaking, you should not plan on obtaining the keys until mid-afternoon on the day of closing.
If you are purchasing a resale property, the keys will be delivered to our office by the Vendor’s Solicitor at some point during the day of closing. Again, generally speaking, the keys will be available to be picked-up from my office at some point during the afternoon of closing. The keys can not be released by our office to you until the closing has been completed. The closing is completed when the balance of the purchase price has been delivered to the seller’s lawyer, the vendor’s closing documentation has been delivered to our office and the Deed and Mortgage have been registered. This process is usually completed electronically by 3:30 p.m. on the day of closing. However, if you look at the form of Agreement of Purchase and Sale that is commonly used in Ontario you will find that paragraph 7 of the Agreement provides for the closing to be no later that 6:00 p. m. on the day of closing. Accordingly, there are occasions when keys will not be available until quite late in the afternoon. When arranging your movers you should keep in mind that you may not have the keys until later in the afternoon.
Although we endeavour to have the key available to our purchasing clients by 3:30 p.m. on the day of closing there are circumstances that can delay the release of keys. For instance, if you are selling as well as buying on the same date then naturally we cannot complete your purchase until we have the funds from your sale. If there is a delay by the person or lawyer for the person, purchasing your home then this will result in a delay in the closing of your purchase. Similarly, if you have arranged a mortgage with respect to your purchase the closing funds cannot be delivered to the seller’s lawyer until we have received from your mortgage company or bank the proceeds of your new mortgage.