As a homebuyer, you’re probably asking yourself, “Why don’t I get the keys before I pay for my home”? It’s only natural to want to check out the property before signing and paying for it, right? However, in BC, it’s customary for the buyer to get the keys later, usually a few days or a week after closing their home purchase.
In some other parts of the world, it’s the opposite, or it all happens at once in a single appointment. Every system has its perks and drawbacks.
The standard method in BC helps home sellers with a smoother transition. The seller gets their funds secured before moving out, allowing them to move into their next home. It may seem unfair as a buyer, but you’ll appreciate the same system when it’s your turn to sell. Getting payment before moving out allows the seller to pay for their next home, move in, and then hand over the keys to the buyer.
The BC government regulates the system of paying first and getting keys later under the legal process of buying and selling real estate. After all, in any purchase and sale, someone has to go first. It just so happens that in BC, it’s the home purchaser.
