The real estate contract usually has a clause that dictates when closing and possession takes place. My understanding of what is "typical" varies in different parts of the country.
This is evident when someone expects to automatically receive a certain number of days to vacate after closing. Some sellers exclaim they had 30 days to move in certain parts of the country and that was routine. Others mused they were previously allowed three days after closing to move.
Unless it is spelled out in your sales agreement, possession transfers with closing. Our Mississippi contract gives two options:
1) Possession shall be delivered to Buyers at closing and full funding;
2) By separate Possession Addendum attached and made a part of this contract.
Last night I dreamed I was helping a client move out of their home. In this dream, the closing was scheduled for mid-afternoon but the home was still full of boxes and furniture. As quickly as we moved items out, other items appeared in their place. Confused, I surveyed the items and realized what was happening... The BUYER was moving in at the same time the SELLER was trying to move out!
Imagine my relief when I realized this was ONLY a dream (and not a huge misunderstanding)!
The moral of the story? Be sure the terms are spelled out in writing so there are no surprises!
Image courtesy of yodiyim at FreeDigitalPhotos.net