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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 doesnât 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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