When selling and buying happens on the same day but purchase involves a condo requiring an elevator reservation on the purchase, the odds are that by the time the lawyer closes both sale and purchase and the purchaser gets a key, it will be 5 p.m., and often high-rise condo management companies will not allow an elevator to be used for moving after 5 p.m. when it is rush time for residents in the building coming home for dinner.
If the purchaser will be moving themselves (not hiring movers at an hourly rate), and can rent a truck for 24 hours, and if the truck is big enough to take everything in one load, then the purchaser can pack up the truck starting at 1 p.m. on the closing day and leave everything in the truck overnight and reserve the moving elevator to move into the condo for the morning after closing. This also gives the purchaser the evening of closing to do any last minute clean up in the condo (i.e., their new home) before moving in the next morning.
B) IF PURCHASING FROM A
As soon as the purchase transaction has been completed (usually
by registration in the LAND REGISTRY SYSTEM on the closing day) the
keys are typically released at the applicable construction trailer or
sales office, if the property is not a condominium. If the property
is a new condominium, keys are usually released through the site management
office or concierge (if any) in the afternoon on the day of interim
occupancy (or on the day of final closing if there is no interim occupancy).
Although a key might be available
earlier on the closing day when a purchaser is buying from a builder,
keys are usually not available for release to buyers until about 3:30
p.m. on the closing day.
C) IF PURCHASING A RESALE PROPERTY
Since the completion of most resale purchases (by the lawyers
involved) occurs by registration in the Land Registry System in the
afternoon on the day of closing (after which time the key is released),
it is suggested that (if a purchaser is moving on the closing date)
movers should be arranged so that their arrival at the property being
purchased will occur late in the afternoon of closing in order to avoid
unnecessary moving costs if you are paying movers on an hourly basis.
If you are moving into a condominium apartment, contact the management
office well in advance to reserve any elevator that might be required;
reserving an elevator usually involves a security deposit; consider
closing the purchase for a condominium at least one day before moving
so that there will be no problem regarding time for reserving an elevator
for the move if a key is not obtainable on the actual closing date until
D) ELECTRONIC REGISTRATIONS
AND RELEASING A KEY EARLIER ON CLOSING DAY
Even if a purchaser is able to get a key early on the day of
closing a resale property, there is no real benefit if the vendor does
not finish moving out until 6 p.m. on the closing day (being the maximum
time limit for vendors to move out according to the terms of the typical
When choosing a lawyer, a purchaser should ask whether the
lawyer's office has electronic closing facilities. This can be an important
consideration for possible early release of a key on closing day if
the property is located in land registry offices capable of remote electronic
If the property being bought can be registered electronically
(and the lawyer's office is equipped to close electronically), the client's
advantage is that the lawyer might be able to get a key (for purchaser)
or closing funds (for vendor) earlier on the closing day than was traditionally
the case when the lawyer would have had to travel to the registry office
and get into a time consuming line-up in order to complete the purchase/sale
on the day of closing, which typically would result in a key (or closing
funds) not being available to clients until about 5 p.m. on the closing
day. Think about it! Is the lawyer's office ready to close electronically?
In order to complete an Electronic closing, both the purchaser's and
the vendor's lawyers' offices must have electronic facilities!
E) PROPOSED KEY CLAUSE TO BE
INSERTED IN A PURCHASE OFFER FOR A PROPERTY THAT IS NOT A CONDO
CLOSING KEYS: In addition to providing at least one entry door
key to the subject property through the vendor's lawyer on closing,
the vendor will also provide on closing another entry door key to be
released through either a listing broker's office or to be made accessible
in a lock box on the premises with all other available key(s) (and any
applicable alarm information) being provided on closing or being left
in the kitchen of the subject property.
F) PROPOSED KEY CLAUSE
TO BE INSERTED IN A PURCHASE OFFER FOR A CONDO
CLOSING KEYS: In addition to providing at least one set of
door key(s) to the subject property through the vendor's lawyer on closing,
the vendor will also provide on closing another set of entry door key(s)
to be released through either a listing broker's office, or to be made
accessible in a lock box on the premises (or with a designated person
at the subject property), it being understood that all other available
key(s), security card(s), security information and remote control(s)
to the unit and any mail box, locker, parking and common area facilities
will be provided on closing or left in the kitchen of the unit except
for any items which management requires to be returned.