Smith & Stanton Snippet

No 1 - Where are my Keys?

Standard Contract Terms:
A Seller is required to deliver to the Buyer at Settlement the Keys for all locks and security systems on the Property under clause 5.3(1). The Seller can discharge this obligation by authorising their Agent to release the Keys to the Buyer which is usually the case.

Question:
What happens if the Keys are not at Settlement and the Seller's Agent does not hold the Keys with an authority to release them to the Buyer after settlement?

Answer:
Strictly speaking the Seller is in default and the Buyer could terminate the Contract.

Alert:
It is imperative that you inform the Seller that the Keys must be available on Settlement or that you are authorised to release the Keys following Settlement.

Produced by:

• Anita De Domenico – Conveyancing Manager
• Naomi Wright – Conveyancing Support

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