Taking possession
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. Taking possession is actually getting the keys in your hands; the sellers have moved out and you are free to move in. Ideally, you will take possession on the day of closing; however, that is not always the case.
The date on which you take 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 (the seller will have their own priorities):
• You are in the process of selling your current home and need to take possession of your new home first so that you won’t need to put all your stuff in storage or pay two mortgages.
• If you are renting you will want to take possession towards the end of the month when most leases terminate. If you need to spill over a few extra days into a new month let your landlord know well in advance or you may have to pay the whole additional month.
Once you take possession of your new home, you’ll be ready for a nice relaxing vacation. Unfortunately, there’s no time for such nonsense and probably no money in the kitty either. Besides actually moving your worldly possessions from your old to new abode, you will have a hefty pre-moving checklist of items to take care of at each location. For example, you will need to discontinue your water & sewer, electricity and natural gas at your old home while starting service at the new one. Print out and use this list and check them off as you go along.
