Possession
When the buyer gets the keys and can move in. Usually the same day as closing but not always. Sometimes the seller stays for a few days after closing under a rent-back.
Every term like this one lights up in the step you're on.
Free to set up. No credit card.Part 1 of 4
Why a seller cares
Possession is when the buyer gets the keys, and it is not always closing day. The contract says when, and a seller who plans a move around the wrong day has a hard week.
Part 2 of 4
A simple example
Closing is Friday at 10 a.m. The contract gives possession at closing. If the deed records at 3 p.m., the buyer holds the keys at 3 p.m.
| What the contract says | When you are out |
|---|---|
| Possession at closing | The day the deed records, often by afternoon |
| Possession three days after closing | You stay three days, usually under a rent-back |
| Possession before closing | Rare, and it comes with an occupancy agreement |
Possession is a line in the contract. The move-out date is whatever that line says.
Part 3 of 4
What people get wrong
That you can stay a day or two after closing to finish packing. Only if the contract says so; otherwise the home is theirs at recording.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
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