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    When do you get the keys in Arizona? What happens if the seller doesn’t move out in time?

    FACTS:

    The transaction closed and recorded on Friday. The buyer intended to move over the weekend but the seller did not release the keys to the buyer until Monday. Now, the buyer has to wait until the following weekend to move and will incur additional expenses as a result.

    ISSUE:

    Does the buyer have any recourse against the seller?

    DISCUSSION:

    Under the purchase contract, the buyer is entitled to possession of the home at the time of closing, which is defined in the contract as the recording of the deed. Therefore, if the transaction closed and recorded on Friday, the buyer technically was entitled to possession of the property when the deed recorded.

    If the buyer sustained damages as a result of the seller’s failure to release the keys to the buyer on Friday, then the seller could be liable for those damages.

     

    Arizona REALTOR® Magazine – February 2013

     

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