Definition
The transfer of house keys from the seller to the buyer at or after closing. Key exchange symbolizes transfer of possession and control of your new property.
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Key exchange typically occurs during or immediately after the closing meeting at the title company. The buyer receives all keys for doors, locks, garages, and other access points. Obtaining all keys is critical—some purchases include keying out the old locks for security.
Pro Tip
Make sure you receive all keys at closing and understand which locks they open. Change locks for security.
Example
At the conclusion of the closing meeting, the seller's agent handed the buyers all four keys to the exterior doors and the garage opener.