August 04, 2016
When purchasing a new property, you'd want to be sure of when you can pick up your keys and move into your new home.
Receiving the keys to your new home may varying depending on the current property owner's situation; if the vendors currently live in the property, or if it is vacant or tenanted.
If you are purchasing a property from vendors who currently live in the property, then legally they are entitled to hand over the keys at 12 noon the day following settlement. However, in most cases vendors have already vacated the property before settlement takes place and are more than happy to hand over the keys right after settlement.
If the property you are purchasing is currently vacant or tenanted then the keys must be handed over immediately after settlement. I do recommend that you have a discussion with the settlement agents or real estate agents before settlement to get a clear understanding of when you can expect to receive the keys. So you can make the necessary arrangements for moving in line with this timeframe.
Typically speaking, in most cases the keys are handed over by the real estate or settlement agent as soon as the settlement is completed.
For any further questions on your home loan or property, don't hesitate to give me a call at Mortgage Choice in Blackwood on (08) 8178 0700.
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