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Real Estate *£*
Eileen M Day REALTOR
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•v^ ~t i WHEN DO I GET THE KEY?
They say that timing is everything in life. I don’t know who “they” are, but when it comes to taking possession of a newly purchased home, timing of the possession is extremely important.
The purchase and sale contract should be definite when possession is to be delivered to the buyer. In most cases, it will be concurrent with the closing. (Congratulations Mr. Smith, here's the key.) However, occasionally there are reasons for giving possession prior to or after the closing.
If there are reasons for closing before the seller is ready to deliver possession, the contract can make provession for this. Normally there should be a specific date by which, in any event, the seller must deliver possession. There can be arrangements expressed in the contract whereby the seller pays rent to the buyer for the time he occupies the premises after title has been transferred to the buyer. This is definitely not a situation to discuss after the closing. Make sure it is spelled out in the contract and agreed to by all parties.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We’re here to help.
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