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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.
copyright 2000 by Terry Light and RealEstate ABC |
