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What are the possession and adjustment date?

April 26, 2017adjustment possession

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What are the possession and adjustment date?

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• The possession date is the day that you take ownership of the house, i.e. the day you get the Keys. The adjustment date is usually the same day as the possession date and it is the day you start paying for the property taxes. i.e. if possession and adjustment date for your new home is today, the previous owner will pay the portion of this year’s property taxes from beginning of the year to yesterday and then from today till the end of the year you pay the remaining of the property taxes.