When will you get possession of the house you bought?
It isn’t unusual for someone to buy a house and sell on the same day. Sometimes the movers are moving everything out of one house during a closing and moving into another home after a closing.
Possession immediately after the closing is a popular option. That means if the closing is at 11:00 AM and lasts until 11:45 AM the buyers can move in at 11:45. It also means that the sellers have until 11:45 AM to get the house ready.
The important thing to remember is that possession immediately after the closing is not automatic it is spelled out in the purchase agreement.
Buyers and sellers have other options. Occasionally buyers negotiate for an early move-in and pay rent to the seller up until the closing. There is usually a damage deposit. A contract is drawn up to protect both parties.
Sometimes homeowners need an extra day or two of possession to move out. In that case, the sellers rent their former home after the closing. We call that a “rent back”. The rent back is also put on a special separate contract.
Sellers sometimes just need an extra hour or two after the closing.
There are a few other options. Movers have all sorts of services they can offer to store items in pods or trucks with the movers or at the new home.
It is important to remember that whatever your moving situation is chances are your real estate agent and movers have seen it all before and will help you make it work and may even have an idea that you have not thought of.
Also see Final walkthrough