What are some common mistakes or pitfalls to avoid when handing over keys to a buyer?

1 Not verifying funds

Before you give the keys to the buyer, you need to make sure that the funds for the purchase have been transferred and cleared. This means checking with the title company, the escrow agent, and the lender that there are no outstanding issues or delays. If you hand over the keys before the funds are verified, you risk losing your commission or facing legal action if the deal falls through.

2 Not following the contract terms

The contract between the seller and the buyer should specify when and how the keys will be handed over. For example, some contracts may require the seller to vacate the property by a certain date and time, or to leave certain items or fixtures behind. Some contracts may also stipulate that the buyer has to do a final walk-through or inspection before receiving the keys. You should review the contract carefully and follow its terms exactly to avoid any disputes or claims.

3 Not documenting the key exchange

When you hand over the keys to the buyer, you should document the process and get a written acknowledgment from the buyer. This can be done by using a key release form, a receipt, or a confirmation email. Documenting the key exchange can help you avoid any confusion or disputes about who has possession of the property, when the transfer occurred, and what condition the property was in.

4 Not communicating with all parties

Handing over keys to a buyer involves coordination and communication with multiple parties, such as the seller, the buyer, the title company, the escrow agent, the lender, and the other agent. You should keep everyone informed and updated about the status and timing of the key exchange. You should also confirm with the seller that they have removed all their belongings and personal items from the property, and with the buyer that they have arranged for utilities and insurance.

5 Not being professional and courteous

Handing over keys to a buyer is not only a business transaction, but also a personal and emotional one. You should be professional and courteous throughout the process, and show appreciation and respect to both the seller and the buyer. You should also use this opportunity to ask for referrals, testimonials, or reviews, and to offer your ongoing support and service.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?