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Settlement - Getting ALL of the keys?

Discussion in 'The Buying & Selling Process' started by Bris Jay, 26th Apr, 2016.

  1. Bris Jay

    Bris Jay Well-Known Member

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    I am just wondering if there are government standards in QLD for getting all of the keys at settlement? We took settlement today of a new property and the agent has only given us the front door key. There is a front screen door, a rear screen door and a rear glass sliding door that we don't have keys for.

    Also, we only received one set. This house was owned by a married couple so it's clear that they would at a very minimum, have two sets. They have clearly kept all of their keys.

    What are my rights? I contacted the agent late today he said to check a drawer in the house and we found another key to the front door. So at this stage we have two keys for one door and no keys for the other three doors.

    I will call the agent again tomorrow but it would be great to know my rights before I go in too heavy.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    no government standards exist for this. It is a private agreement between seller and purchaser so read your contract.

    you have the right to remain silent, or to ask for more keys. Not much you can do it they don't supply them.
     
  3. Bris Jay

    Bris Jay Well-Known Member

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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    There migh be. You have to read your contract.

    But even if a similar clause was in the contract, how do you enforce it once settlement is complete?
     
  5. Bris Jay

    Bris Jay Well-Known Member

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    Actually, it is in there on the REIQ contract:

    "Keys" means keys, codes or devices in the Seller's possession or control for all locks or security systems on the Property or necessary to access the Property;

    5.3 Documents and Keys at Settlement
    (d) if requested by the Buyer not less than 2 clear Business Days before the Settlement Date, the Keys;
    (3) If the Keys are not delivered at settlement under clause 5.3(1)(d), the Seller must deliver the Keys to the Buyer. The Seller may discharge its obligation under this provision by authorising the Seller's Agent to release the Keys to the Buyer.

    I'll call them tomorrow but I did confirm with the agent at pre-settlement that they have all of the keys and they told me they do. When I called this arvo, they called back and left a voicemail that said, "I told Jay that all of the keys were at the office, you can collect them whenever you like".

    He obviously didn't know that we had collected "all" of the one "key" already...
     
  6. SmashedEconomy

    SmashedEconomy Active Member

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    Notwithstanding the above in #5, simply add a special clause that ALL keys must be delivered up at settlement. Find out beforehand how many keys of each they hold, then specify those numbers in the clause. No keys, no cheque.

    Its Also effective when dealing with rental homes, usually the seller makes you visit the agents office to get them after settlement. Its just laziness.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Probably a good idea to get the keys held by the agent the day before settlement as it is impractical for settlement agents to bring in various keys.
     
  8. Marg4000

    Marg4000 Well-Known Member

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    No way would I be releasing keys before settlement!
    Marg
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    The agent could hold them in 'escrow' so the vendor couldn't get access. agent is the stakeholder and usually holds the deposit.
     
  10. Marg4000

    Marg4000 Well-Known Member

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    That is what has always happened with us whether buying or selling. Once both solicitors notify the agent that settlement has taken place the keys are released to the buyer.
    Marg
     
  11. citystar

    citystar Well-Known Member

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    Are you planning on getting a locksmith to rekey all of the locks in the house? If so this could negate some of the frustration from the vendor not providing all keys.
     
  12. Heinz57

    Heinz57 Well-Known Member

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    Is this an investment or home? Never had the keys for any of my investments.
     
  13. Bris Jay

    Bris Jay Well-Known Member

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    It a home for now, investment in 12 months. The vendors have told their agent that they never had keys to all of the doors and that between them, they only had one front door key.

    Clearly a load of crap so I'll have a locksmith change all of the locks today. It's enough to make me feel uncomfortable regardless of what they do from here. It's only $300 for peace of mind.
     
  14. Marg4000

    Marg4000 Well-Known Member

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    While you are at it, spend a few $$$ and get it keyed alike. Then only one key.
    Marg
     
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  15. Plutus

    Plutus Well-Known Member

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    Not uncommon, I've had this on the tenant side before where there are windows, screen doors etc and the keys are totally MIA, owner doesn't have a copy.
    Where I currently am, there are only 2 keys. Getting new copies is controlled by the body corporate, so neither the owner nor the agents have a set.
     
  16. cherubym

    cherubym Well-Known Member

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    The same thing happened to me for one of my Logan purchase. My PM said the tenants were asking for the keys to open the windows. The selling agent told me that they left all the windows keys on the bench top. As the property has been settled a month ago, I wouldn't bother doing anything, but re-key all of them. It was actually annoying. Next time I should put a clause in the contract of sales for the keys.
     
  17. Bris Jay

    Bris Jay Well-Known Member

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    I've re-done all of the locks today. It took a few hours but they all look better and I actually now have keys to the house.

    I'll be putting it in the contract next time...

    In good news, I used to work for the principle of the RE that we bought from. He gave me a call since he knew me and told me to send him the bill for the locks and he'd go me half. Pretty nice guy!
     
  18. SmashedEconomy

    SmashedEconomy Active Member

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    That is garbage. The vendor arrnages for the keys to be given to the settlement agent for handover at settlement. Nothing impractical about it whatsover. What it actually is, is a little extra work for the vendor, which of course they will try to get out of, by maintaining the existing status quo as mentioned in Post #10. But the buyer can specify any condition he likes in the contract. Never forget that.
     
  19. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Try that on the next property you buy then.
     
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  20. Bris Jay

    Bris Jay Well-Known Member

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    It's actually been a good learning experience. I now know how to change the locks on glass doors, security screen doors, deadlocks and door handles. Lazy vendors are turning me into a handyman!