no company name availableGretta Sheffer MinnemaRe/Max College Park Realty(562) 472-8929
10791 Los Alamitos BlvdLos Alamitos, CA 90720
Offering to Purchase Real Estate - The Basics
Transfer of Possession
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.