I Signed My Closing Documents…Where Are My Keys!

So you navigated the numerous hurdles on your journey to buying your dream home.  Your last step was signing all the closing documents.  So why don’t you have the keys to your home yet?  Turns out, there are still a few more steps left to accomplish that other parties are responsible for.

The seller also needs to sign their closing documents.  Then their paper closing documents with ink signatures need to get to the title company.  We live in such a high speed electronic age.  But, many processes still require original paper forms.  If the seller is living overseas, getting the forms signed, notarized, and mailed to the title company can take several days.

Once the title company has the buyer and seller documents, they must review them to make sure no pages are missing.  This review process can take hours considering how many other transactions they have to process in a day.  And if a page is missing, this will be a further delay.

Once the paperwork looks good, they get hand delivered to the county.  Then the county has to do their review of the documents.  Then they transfer the property deed from the seller to the buyer.  This can take several more hours.

Once the deed transfers, then you are a new homeowner!  This leads yet another hurdle.  Now, you must physically get access to the keys to your new home.  Often the seller’s agent will place the keys in an electronic lock box at the home’s front door.  Or, they may leave the keys with your agent to hand to you.  A lot of real estate agents do a lot of volume.  With so many people on their team, it is easy to have a miscommunication and get the keys get misplaced.

All this leads to many frustrated buyers on closing day.  Technically the buyer should receive the keys to the home as soon as the deed transfers.  According to Washington State law, the seller is in compliance as long as they hand over the home keys to the buyer by 8:00 PM on closing day.  (Think of this the way military folks think of 1630 as the close of business for a duty day.)  If the seller fails to hand over the keys by this time, you may be able to demand concessions.  Check with your real estate agent if you feel inclined to pursue damages.  Some real estate transactions are a struggle until the very end.