A
transaction is considered "closed" once the deeds have been recorded. Then
you own the home. However, it is not always possible for you to occupy it
immediately. 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 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.
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. When
transfer of possession actually occurs should be clearly laid out in your
offer to prevent confusion later.
