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Transfer of Possession
A transaction is
considered "closed" once the deeds have been recorded. Then you
own the home. However, it is not always possible for you to occupy it
immediately. This can happen for several reasons, but the most common is
that the seller may be purchasing a home, too. Usually, it is scheduled
to close simultaneously with your purchase of their home.
It is sort of like
being at a red light when it turns green. Although all the cars see the
light change at the same time, the guy at the back of the line doesn’t
begin moving until all the cars ahead of him have started.
As a result, it has
become customary to allow the seller up to a maximum of three days to
turn over actual possession and keys to the home. When transfer of
possession actually occurs should be clearly laid out in your offer to
prevent confusion later.
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