The Possession Date
The possession date is the day that you vacate your home and hand your keys over to the new owners. As a rule, it's the same day as your closing.
But there are exceptions to every rule. The new owners may have to move earlier than expected because, for instance, their lease may have expired or they may have already sold their previous home with an earlier possession date.
Sometimes, time really IS money.
Your flexibility in setting the possession date could be the nudge a buyer needs to close the sale. Plus, you can potentially factor an earlier possession date into the selling price.
You can agree to store your buyer's furniture for a short period of time. You can stay in a hotel or with relatives until your new home is ready. It's up to you to balance any inconvenience with your desire (or need) to sell as soon as possible.
No matter when the possession date is, be sure the offer specifies the exact time you'll hand the property over. You'll avoid conflict and confusion-not to mention possible liability for the cost of your buyer's movers waiting around for you to clear out!
Even after you've agreed on the final price, closing day and possession date, one or both of you may still need to fulfill some obligations or conditions for the sale to close. Learn more about conditional offers.
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