Buying real estate: early key handover

Some time ago we talked to you about the concept of “deferred enjoyment.” Today, we invite you to discover the early delivery of keys. What is it about? What are the benefits or risks to know? Here's what you need to know about it.

Early key handover: what is it?

When people buy a property, they can ask for early key handover. It is in fact for buyers to ask the seller (s) to give them the keys after the signing of the sales agreement and not the day of signing the authentic act of sale. On the buyer side, the advantages are multiple. On the seller side, there are also some, but this process is not without risks.

Benefits for buyers and sellers

The benefits of early key handover are mainly found on the buyer side. Thanks to this process, they can move in more quickly and leave their old home sooner. If they were tenants, this allows them to save on rent. If work is to be done on the property, buyers can start earlier thanks to the early delivery of the keys. Likewise, they can better organize themselves to move or store their belongings. For the seller (s), the early delivery of the keys makes it possible to have a home occupied quickly and, therefore, less targeted by burglars and other squatters. And if the sale is cancelled, the seller (s) should normally find their home in good condition since the ex-future buyers were supposed to live there and therefore take care of it. But to take advantage of these various advantages, it is preferable for the seller (s) to no longer occupy the premises. This therefore supposes having a Plan B until the signing of the authentic act.

Early key delivery: risks you should be aware of

We have just listed the advantages of early key delivery for both buyers and sellers. Now let's talk about the risks associated with this request. According to the law, a seller is the owner of his property until the signing of the authentic act of sale. Therefore, in the event of a disaster (water damage, fire...), he can be held responsible. In addition, if work is undertaken by future buyers, the risk in the event of cancellation of the sale is that the seller ends up with a property transformed and not necessarily completed. Likewise, in the event of a problem, the seller is, again, held responsible. In addition, various charges are at the seller's expense until the authentic act is signed. This is the case with heating or even electricity. If future buyers push the heating to the maximum or if they do not have the reflex to turn off the lights, this will increase the total energy bill. Finally, if the sale is canceled, the situation can quickly degenerate, especially if the buyer refuses to leave the property and there is no written justification for his presence in it. He will then be considered to be “occupying without rights” and getting him to leave may be very complicated.

A few tips to remember

If buyers ask you to hand over the keys early, it's best to be careful and weigh the pros and cons carefully. Nothing forces you to say yes: so don't feel obligated to accept the buyers request for fear of them retracting or the like. If you are thinking of accepting, take a few precautions.Ideal? Have a notary draw up an “advance occupancy agreement” or a “loan for use”. A written document is an essential protection against the risks listed above. In the case of early delivery of the keys, certain elements should not be omitted such as: the obligation to return the keys immediately if the authentic act is not signed; the authorization to carry out only refreshing work (it is also possible to opt for a formal ban on carrying out work); the distribution of expenses (electricity...) and/or the amount and procedures related to the occupation of the property until the signing of the act of sale authentic; the obligation to rehabilitate the home if the sale is not successful not...

In summary

Early key handover offers benefits to buyers, but comes with risks for sellers. If you plan to use this process, protect yourself by having an official document drawn up by a notary.

The early delivery of the keys is to be distinguished from the deferred enjoyment which is an agreement between seller (s) and buyer (s) consisting in a request by the former to obtain the money from the sale after the signing of the authentic act, but before leaving the property. In this case, the advantages are rather on the seller side (s) and it is up to the buyer (or buyers) to be careful.

Now you know more about early key delivery. Are you looking for a property? Use HOME SELECT for your real estate search. See you soon!