When does the buyer take possession of the property?
Closing and taking possession are two different stages although they can occur on the same day. Closing is signing all that paperwork in the Escrow office. Exchange is when the buyer gets the keys to the home; the sellers have moved out and the buyers are free to move in.
The date on which the buyer takes possession will be part of the Purchase and Sale Agreement and hence is negotiable. Things to consider when setting the date, from your perspective might include whether you are also closing on a new home and need to move into the new home first so that you won’t need to put all your stuff in storage or pay two mortgages.
