2007-10-07 02:49:15 · 5 answers · asked by . 3 in Business & Finance ➔ Renting & Real Estate
Normal possession is 30 days after the money changes hands(closing). If you have possession at closing,it means the house is ready for you when you sign the paper work and money changes hands.....George
2007-10-07 02:53:17 · answer #1 · answered by tgeorge12000 4 · 0⤊ 0⤋
Lots of answers that are close.
It means you get possession as soon as the transaction is legally consummated.
In the US, this is typically the day after you sign the papers. There's a lot that the escrow holder has to do, and most lenders have a fairly early funding cut off. I suppose it's theoretically possible for it to be same day if you're done signing at 6AM, or if it's an all cash transaction, but I've never seen it.
2007-10-07 12:28:42 · answer #2 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
It means that as soon as you sign all the papers, you can start moving in immediately.
The reason for this clause is that sometimes a house will be sold, but the owners won't be able to move out for a few months. In that case, the 'possession' clause would list a date when you could move in.
2007-10-07 09:52:15 · answer #3 · answered by Stuart 7 · 0⤊ 0⤋
If the buyers can have possession at settlement, that means once you close, its yours and you can do what you want.
2007-10-07 09:51:27 · answer #4 · answered by joni38 3 · 0⤊ 0⤋
it means when you sign all the paper work and everyone's happy you can move right in.
2007-10-07 09:52:18 · answer #5 · answered by Loren S 7 · 0⤊ 0⤋