Q: We are purchasing from out of state. The sellers don’t want to give us keys until they have $ in hand.
To overnight paperwork and complete the bank transactions, it will be the week after the closing date. Is it legal for them to withhold the keys once we’re paying the mortgage?
A: The answer is dependent upon the provisions in the purchase agreement. Typically keys and monies are exchanged at the same time, however, you can agree to have an escrow agent disburse the monies once the keys have been obtained by them. If this has not been the case, then you may have a 'holdover" seller, in which case, if they do not leave timely, then you may have to actually evict them. Consult further with a competent real estate attorney.
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