What Is Possession Date?
Possession Date: When the buyer gets the keys and may move in, usually at closing.
The possession date is when you take control of the home and get the keys. It's set in the purchase agreement.
Common arrangements
- At closing or recording: the most common
- A few days after closing: gives the seller time to move
- Rent-back: the seller stays for an agreed period after closing, often paying rent and leaving a deposit
Things to know
- Lenders may limit how long a seller can stay after closing on an owner-occupied loan, often to 60 days.
- Do the final walkthrough as close to possession as you can.
- Make sure insurance starts by closing day, even if you move in later.