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7.5
OFFERING
TO PURCHASE REAL ESTATE - THE BASICS
Transfer
of possession
A transaction
is considered "closed" once the deeds have been recorded. Then you
own the home. However, it is not always possible for you to occupy
it immediately. This can happen for several reasons, but the most
common is that the seller may be purchasing a home, too. Usually,
it is scheduled to close simultaneously with your purchase of their
home.
It is sort
of like being at a red light when it turns green. Although all the
cars see the light change at the same time, the guy at the back
of the line doesn’t begin moving until all the cars ahead of him
have started.
As a result,
it has become customary to allow the seller up to a maximum of three
days to turn over actual possession and keys to the home. When transfer
of possession actually occurs should be clearly laid out in your
offer to prevent confusion later.
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