Why you should never hand over store keys before escrow clears the wire

This seems obvious but I've seen three deals in my area where the seller handed over the POS system password early because the buyer was 'family friend.' Every one turned into a mess. People get weird when they're inside the business before closing.

What if the escrow wire gets delayed by a holiday weekend? Buyer needs to train staff, set up accounts, etc. Are you really making them wait until Tuesday?

Yes, you are. That's the whole point. Their timeline isn't your problem until funds clear.

I let a buyer in a day early once. They 'reorganized' the back office and threw out two years of purchase orders I needed for tax records. Never again. Keys stay in my pocket.

Funny how the buyers always have a cousin who's a notary and a wire that's 'totally clearing by 3pm.' 🙄

Depends on the escrow agent. If it's a reputable title company and they confirm the wire is initiated, I might allow a supervised walkthrough but not operational control. Handing over keys is different from showing them the breaker panel.

Agreed with bramblehollow. I'd adc: put it in the purchase agreement. 'Possession transfers upon confirmed receipt of funds by escrow agent.' Then it's not a negotiation on moving day.

Anybody else read the title and think this was about a corner store? Anyway, solid advice. Cashiers count the drawer before handing over the till. Same principle.

The real risk isn't theft. It's liability. If a customer slips and falls while the buyer is 'just looking around' before closing, who's insuranc covers it? Spoiler: the seller's policy might still be primary. Keep them out until the deal is funded.

Also, if they have keys and thw deal falls apart, suddenly you're changing locks and explaining to your landlord why there's a stranger's inventory in the stockroom. Ask me how I know.