You typically receive the keys to a new house from your real estate agent (buyer's agent) or the seller's agent immediately after the closing is finalized, the deed is recorded with the county, and funds are officially transferred. This usually occurs on the afternoon of the closing day, provided the sale is complete.
Then, at the end of the closing process, the home will officially become yours. The seller will give you their set of keys.
Some listing agents and some home sellers do not realize that it's the norm that home buyers get keys at closing. Not only is it the norm, it's a contractual obligation in the California Association of Realtors or CAR purchase agreement.
Preparation is key for collecting keys on completion! You can either get them from the housing association, sometimes your conveyancer's office or we sometimes release the keys via a keysafe at your new property. It's also a good idea to take some form of ID. You never know, they may ask for proof!
You officially own the home once the title company sends the sale proceeds to the seller. At that moment, escrow closes, the transaction funds, and your Realtor® can hand over the keys.
Once funds are received, the seller's solicitor will authorise the estate agent to release the keys. The buyer will be notified and can move in. Completion typically happens 7–28 days after exchange, usually late morning or early afternoon.
Secure and Organize All Important Documents
Your first priority should be creating a comprehensive home file system. Make multiple copies of your deed, mortgage documents, home inspection report, property survey, and closing disclosure. While doing this, paying close attention to your mortgage is helpful.
There is no hard and fast rule of when completion takes place. It can happen at any time, but when there's no chain, it's most commonly between 11 am and 1 pm. Once complete, the keys will be released and your new home is officially yours.
Possession on the Closing Date
The most straightforward scenario is when your possession date matches the closing date. On this day, you sign all necessary documents, and the property becomes yours. Once your name registers with the title, you officially own the home and can start moving in immediately.
Once both parties are happy, the contract is signed and exchanged, and a date fixed for completion. This is when you'll get the keys to your new home.
The 30/30/3 rule is a conservative guideline for home buying: save 30% of the home's value for a down payment and buffer, keep your total monthly housing costs (PITI) under 30% of your gross monthly income, and ensure the total home price isn't more than 3 times your annual gross income to build financial resilience and avoid overextending yourself. It's designed to create financial breathing room for emergencies and other goals, preventing the pitfalls seen during the 2008 crisis.
It can take a couple of months between signing a purchase agreement and reaching closing day. For homebuyers, closing is the day they officially take over ownership of the property and receive the keys. For sellers, closing is the day they'll receive proceeds from the sale.
The cost to copy a key typically ranges from $3 to $10 for standard house keys, while specialty, high-security, or car keys can cost anywhere from $20 to $400 depending on complexity and programming needs.
Red flags when buying a house include structural issues (foundation cracks, sloping floors), water problems (stains, musty smells, basement flooding signs, poor drainage), sloppy renovations (fresh paint covering damage, crooked finishes, DIY work), bad maintenance (old roof, deferred upkeep), and listing/market oddities (long time on market, multiple price drops, little info). Always get a professional inspection to uncover hidden issues with major systems like electrical, plumbing, HVAC, and roofing before buying.
20% for the down payment – Allocate at least 20% of the property's value as a down payment. 30% for EMIs – Ensure that your Equated Monthly Installment (EMI) does not exceed 30% of your monthly income. 40% for savings and financial goals – Maintain a 40% buffer of your income for savings and future financial goals.
In the majority of home sales, the buyer takes possession of the house after the closing appointment. Until the closing date, they are not allowed to reside in the home, move any belongings inside, or even take over the keys to the property. However, there are times when a buyer will ask for early access to the home.
The conveyancer will run requests for information, look at survey findings and coordinate dates for the exchange of contracts. This can be the longest part of the process of buying a home. There will be lots of back and forth between your conveyancer and the seller's, as well as with the estate agent.
You generally need a credit score of at least 620 to qualify for a conventional mortgage, though every lender is different. FHA loans, which are backed by the federal government, may be an option for individuals with credit scores as low as 500.