I'm handing him the keys at the property on the 2nd. Do I exchange the keys for my deposit on that day

A good landlord will have done a check of the premises and worked out the cost of any necessary repairs/maintenance before you hand back the keys so that he will be able to hand back your deposit, less costs if any, at the time of exchange.

If he's not that good, he'll only get round to checking the premises later on, thus delaying the return of your deposit.

If you are located in the US, no, you will not get your deposit back on the same day that you hand in the keys. Each state's laws are different, however, the landlord has anywhere from 14 days to 45 days to return your security deposit. You would have to check your state's laws.

it depends on how much notice was required, and if you fulfilled your contract term, and if he has already been allowed to inspect the property you left for damages which might be deductible from your deposit. You need to get together to agree the latter.

When your land lord collects your keys, he/she should check the property whiclst your there to make sure that it is in the condition agreed when the deposit was left. If he/she is happy then the deposit should be given back at this time, if not he/she should discuss with you the reasons why this is not satisfactory.

This is ho wit worked when I left my previous property. I hope this helps!!