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. Pinehurst Condo for sale in the golf
communities.
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.
Dale
Heck – Realtor/Broker
910-528-4652