Buying a new home is an exciting time and as soon as it settles, most clients just want to move in. But when can you receive the keys?
The keys are usually handed over by the estate agent (or the seller if no agent is involved) after the property has settled. Settlement is the exchange of money to the vendor (previous owner of the property) for the purchase of your new residence or investment property.
The process is as follows:
- The settlement of the transaction takes place.
- An “Order on the Agent” is faxed to the real estate agent involved. The Order on the Agent is a letter from the vendor’s conveyancer saying they are happy for the real estate agency to release the keys to the new owners.
- Your conveyancer will contact you to inform you that settlement has taken place.
- After you receive the phone call from your conveyancer advising you settlement has taken place, we suggest you call your real estate agency to see if they have the keys ready. If they are ready, you are free to pick them up and move into your new home.
Remember, it may be a good idea to organize dinner for the night of your move as you may find you’re too tired to cook. It’s also a great way to celebrate!