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We know that your time is valuable but it is absolutely essential that you take the whole day off on the date of the closing of the purchase. This way both you and the seller can make arrangement for final details or even inspect the property one more last time before you sign, Though most transactions actually do close on the right date, do not be so inflexible that a delay creates insurmountable problems.
For example, if you are renting and need to give the landlord notice that you are moving out, you may want to allow a little flexibility. Otherwise, if your purchase closes a few days late you could find yourself staying in a hotel with your belongings packed in a moving van somewhere while you pay storage costs. There are also times when closing can be delayed by weeks, through no fault of your own. Have back-up plans prepared for such a contingency.
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.
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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