The Sheffer Team

A transaction is considered "closed" once the deeds have been recorded. It is then that you own the home. However, it is not always possible for the buyer to occupy the home immediately upon closing or recording. 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 of 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 to proceed through the intersection.

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. The date and time of the actual transfer of possession actually should be clearly laid out in your offer to prevent any confusion between parties later.