Expert: Dick Dennis - 3/20/2010

Question
Hi Dick,
We're almost at the finish line in buying a home in Arizona. The main area of concern is getting the keys at closing. In Illinois, when you close on a home, you meet with the sellers, go do a final walk-through, meet at an agreed office, sign the closing papers and get the keys. In Arizona, my agent (buyer's agent) said we have a final walk through, then the next day go to sign the loan/title docs and then wait a whole extra day to get the keys. Wellll...that absolutely does not work for me. First off, why do I have to wait...I just signed the papers laid out a big fat down payment cashiers check and now I'm supposed to walk away empty handed....AND....everybody else and their brother has access to MY house but me...(lock box on my door any realtor can open)...ALL this because Arizona is a "deed" state, so you legally don't own the home until the deed is recorded which can actually be several days later. Soooo...what if the house burns down...who's liable...or if the seller, who I would bet my last dollar on, still has keys to the house (I mean, come on, who's kidding who)decides to go in and take the refridgerator or stove or microwave..etc, etc...and I already signed off...where is my protection ? I should get keys the minute I sign and then I can change the locks. This really smells bad to me and I feel my only recourse is to sit outside the place, on guard, until I DO get my keys. Do you see where I'm coming from. Additionally, we asked the sellers if we could take early possession once we signed the docs and they said, we could only have access to the garage...this was insulting since the house has been empty for over 145 days and makes me think, what do you care and what are you hiding. So, I'm asking you, how should I handle this to protect our interests. I hope I've been thorough enough in my query. Many thnx for your time, in advance.
8-)

Answer
Don't get too heated, Rick. Let me answer your concerns as you presented them. Indeed, you do get the keys when the property is actually conveyed to you. And it may take a day or two afterwards for one reason or another, i.e., paying any taxes in arrears, lender putting up the funds to the escrow holder and or title company, verifying your cashier's check is valid . . . all kinds of reasons I have seen in my 40 years in this business.

Nobody actually has access to the house (if it is vacant). Realtors do not have access without leaving a trail IN THAT LOCKBOX. So, forget that possibililty. If there is any damage or fire after you have given them your signature and money, it is still the responsibility of the seller. Period.

You apparently did not actually read the documents you signed while giving them your money. Somewhere in there is a clause or phrase that stipulates that the seller is still responsible for the condition of the property up until you receive the keys and the deed is recorded. After you do get the keys, be sure to walk through the house to make sure that everything is represented as you saw when you did your official walk-through.

Yes, of course, you do not get the right to move into the property until the deed is recorded. However, in most cases, the escrow agent will hand over the keys knowing that they will be recording the necessary documents later that day . . . or possibly the next day if the documents were not signed until the late afternoon.

As far as you being satisfied, your real estate agent is the person to go to for dissatisfaction. That person is supposed to make sure you are satisfied. I do wish you well.

Dick Dennis
CA Broker Lic. #00349415
dixiedee13@aol.com