That's a matter you'll need to decide before you sign your offer to
purchase the home. Actually, it is one of the numerous items to be
negotiated with the sellers.
The optimum possession date is often thought to be the day you acquire
title to your home, the "closing" date. If so, your purchase offer should
specify "possession to be at closing" in the appropriate blank. If the
sellers accept your offer, you may expect possession on that date.
Occasionally, the buyers and sellers agree on another possession date,
before or after the closing. Because such an arrangement can create
unusual circumstances, a limited or "temporary" possession agreement
should be signed by both sellers and buyers. This protects both parties in
the event of a delayed closing date, a declined loan application, or
unexpected repairs.
This agreement states the possession date, any rent to be paid by the
occupying parties, and who is responsible for repairs, insurance, etc. If
should also state the circumstances under which the occupying parties must
vacate the home, i.e. failure of the buyers to complete the purchase after
they have moved in.
When purchasing your home, ask the agent to explain local customs for
possession and move-in. This can alleviate any anxiety and provide a "no
surprises" move to your new home.
