It's a truly exciting day when you receive the keys to your brand new Markham home or Hollywood condo. The problem is that many first-time home buyers aren't sure when this big day arrives in the transaction process. We'll answer your questions as to when you can expect to get the keys, what the procedure for handing over keys is if you're a seller, and what should happen afterward.

When you're buying Toronto lofts or property in some other states in America, you, the seller, your agents, the notary, and your lawyers all attend one big closing meeting. At this meeting you'll hand over your banker's cheque, the seller will hand over the deed, and the notary will register the sale. The seller will then hand over the keys and you'll walk away. In California, it's a bit different, because all sales go through escrow at a title company. So you'll hand your money to the title company, they'll check it, send it to the seller, register the deed, and then you'll get the keys. This might be later the same day or a few days after depending on how slow they are.

This is not always the case, either. If you or the seller specifies that the keys be handed over on a different date in the sale contract then that's what will happen. It's rare (and perhaps unwise, in terms of insurance) to move your things into a house for sale in Mississauga before closing. But it often happens that sellers need more time to pack up and move out if they agreed to a quick closing.

If you're a seller, you'll be handing your keys over to your London, Ontario real estate agent or broker. He or she will then take them to the title company (or the closing meeting) and exchange them for the money. DO NOT keep any keys to your old house, even for sentimental value. Gather up every key in existence, from your relatives, from your neighbors, from under the front mat, and hand them in. If there's more than one type of key for your home (for instance, the shed and the garage have different keys) remember to hand those over as well.

When you receive the keys to your new home you can officially move in. One of the first things you should do before you start moving your things in (especially before you start moving your expensive things in) is change the locks. ALL of the locks. Even though you ostensibly got all the keys from the seller, there may still be some out there. Crooks might be lying in wait for homes for sale in Whitby to change hands so they can break in with their key and get your things.