Closing Date and Possession Date: What Are Important Factors To Consider?
The closing date and possession date are probably the second most important terms in the contract. The closing date is the day that you and your mortgage lender will turn over the funds necessary to purchase the property, and you in return receive legal ownership of the property. The possession date is the date that you will receive access of the property. The closing date and the possession date are usually the same day, although they need not necessarily be the same date. Sometimes, a buyer will want to obtain possession of a property in advance of closing. Other times, a seller will want to retain possession of the property after the closing. However, and as stated before, the closing date and the possession date usually are the same. Many buyers also seek to have the timing of the closing of their purchase coordinated with the expiration of their lease. My general recommendation is that you try to have the closing and possession date of your new condominium be approximately two wee
