Post-possession closings

Possession is typically granted at the time of closing, however, occasionally a seller will need to stay in the property after the closing for a given period of time.  A lawyer will hold some of the seller's money in escrow and the seller will pay the buyer rent for every day he/she continues to live there.  If you have a post-possession closing for the home you are purchasing, make sure your home insurance company is aware that someone other than you is living there.