Possession
When the buyer gets the keys and the right to occupy the home. It is often at closing or funding, but the contract can set a later date.
Also called: move-in date, keys, date of possession
Related terms
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
An agreement letting the seller stay in the home for a set time after closing, usually paying rent or a daily fee. It helps sellers who need time to move.
The buyer's last look at the property shortly before closing to confirm it is in the agreed condition, repairs were done and included items are still there.
The date set in the contract for the sale to close. It can move only if both sides sign an amendment.