Possession

Most formulated purchase and sale contracts provide for possession on a definite date. The date can be important for defining when the buyer can get in and when the seller must be out, but it is also important for defining the physical condition of the home at a specific time. Should the seller possess the home beyond the closing date the buyer might consider an agreement extending the representation of physical conditions until the seller actually vacates.

In rare cases where the buyer is granted possession prior to closing, seller should have a “move-in” agreement with the purchaser whereby purchaser accepts the condition of the property as of the accelerated possession date.

Whether or not rent is due to either party in the event of these circumstances is a matter for negotiation. Generally two or three days or up to a week after closing is without charge, but this is entirely up to the agreement of the parties.