When you buy a new home,you’ll eagerly await the day you can move in. But how is that date determined? The date of possession is one of several details that must be negotiated between you and the seller.
In most cases, possession will be transferred after you have signed your mortgage loan and a clear title has been transferred. Then, when you and the seller agree on a date, it will be incorporated into the written contract. Once this is done, the date cannot be changed without written agreement.
In rare cases, a seller may request to stay in the house for a short while after closing. If the buyer agrees, a post-sale occupancy agreement must be put into writing and included as part of the contract. The seller may be asked to pay a rental fee, which is agreed upon by both parties.
The buyer may also request permission to take occupancy before the purchase transaction is completed. This, too, must be agreed in writing and the rental stipulations will be included in the purchase agreement.
Many aspects of the possession date are negotiable, but special provisions should be thoroughly spelled out and mutually agreed upon in writing.
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