Transfer of Possession in an Offer to Purchase Real Estate
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, their
purchase 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.
©2000 by Terry Light and RealEstate ABC, revised 2004 |
