Keys and Possession Agreement
Documentation regarding the transfer of keys, access devices, and possession of the property, including any agreements for early possession or seller rent-back.
When Its Used
Typically at close of escrow when keys are transferred. Special forms required if possession differs from closing date.
Key Sections
Possession date and time; Key and access device inventory; Alarm codes; Garage door openers; Mailbox keys; Gate codes
Common Mistakes
Assuming possession is automatic at close; Not documenting all keys and codes; Failing to use rent-back agreement when needed; Not addressing security system transfer
Pro Tip
Create a key inventory before closing. Discuss possession expectations early. Use the proper CAR forms (PAA or SBLR) if possession doesn't coincide with closing.
