Keys

Buyers are often disappointed with the number of keys they receive.  It is a natural assumption that there will be keys for every lock, and a sufficient number of keys (eg if there is a electric double garage, you'd think there would  be two controllers).

The standard contract does not place a very high obligation on the seller.  The seller only has to deliver what they have.  This leads to the broken expectations of buyers.

How can this disappointed be avoided ?

Idea #1 - Disclosure

The idea here is to list, for the information of the buyer, the keys, codes and controllers that will be available at settlement.  This means there will be no broken expectations, and there will not be any extra expense or irritation for the sellers.

A special condition could be used, which might (for example) read:

The Sellers agree to deliver to the office of the Agent prior to settlement, the following keys, codes & controllers:

(a) 2 front door keys

(b) 2 battery operated garage controllers (in working order)

(c) … etc etc

There is still some risk that the seller will not deliver all the keys, in which case the only recourse the buyer has is to claim compensation (they cannot hold up settlement, or claim retentions).

Idea #2 - Tough on the seller

This idea adds to the previous one – by setting an amount that can be held back at settlement if the seller doesn’t deliver all the listed keys by a certain time.

The Sellers agree to deliver to the office of the Agent, before 9.00am on the Settlement Date, the keys codes & controllers listed below in this clause.  If at the due time all the items listed have not been delivered to the office of the Agent, then the Buyers can withhold $__________ from settlement (in the Buyers' Solicitor's Trust Account) and this money can be drawn from trust to pay invoices for the actual costs of replacing the missing items, with any money left over then paid to the Sellers.

(a) 2 front door keys

(b) 2 battery operated garage controllers (in working order)

(c) … etc etc

This is a tough clause, but has a lot of advantages for a buyer.  For example:

(1)         the seller will have to be out of the property no later than 9.00am on the day of settlement (a real plus for buyers); and

(2)         the buyer can check that all the keys are received; and

(3)         if the seller simply ignores the clause … the buyer can have some compensation without the need to go to Court.