Monday, March 11, 2019 / by Elizabeth Sorensen
Every Buyer is waiting for that moment when they finally get keys to their new home and get to start moving in. However, it is important for both buyers and sellers to understand at what point the transfer of possession actually happens.
In the purchase and sale contract, this point is called “Time of Possession”. This is the time of day that possession occurs on the date of possession. Closing is the moment in time when the deed that is conveying title to the buyer is recorded at the courthouse and the seller’s proceeds are available to the seller. This may happen the same day as “signing” or a day or two later.
All time deadlines in the contract occur on the date stated AT the time of 9:00 pm. Closing may occur at
As a case in point, I had a transaction recently where I was representing the Seller. This home had been in their family for nearly 70 years. Due to the Seller’s work schedule, they had made arrangements for their family to meet at the home and have a special time together remembering the years and all of the family memories that were made in that home over many, many decades. This was to happen on the date of possession in the early evening. At this time, they were also planning to grab the last few items and make sure the home was thoroughly cleaned. I had long since informed
Sadly though, the Buyer’s agent was not well-versed in the contract and was unaware of this provision. Unfortunately, she had told her Buyers that they would get keys as soon as it recorded. They had made arrangements for a moving truck, loaded the truck and were eagerly waiting for the call as to when they could get keys and start moving in. I had the job of informing this agent that the Buyers would not be given keys until 9:00 PM that night, which absolutely
My duty is to protect my clients and do what is in their best interest. Unfortunately, because the Buyer’s agent was not educated in the language of the contract, it caused a lot of unnecessary
What about a vacant property? Can the Buyer’s Broker just go over and get the keys and hand them over
Please don't hesitate to reach out to me directly,
Elizabeth Sorensen | Spokane Realtor
Haven Real Estate Group