From the very first time that you see your future home and throughout the negotiating process, you are most likely daydreaming about the day you can move into it. You may be counting the seconds until closing day, planning the ways you will decorate it and how your family will settle into your new home. Be aware though, not everyone is lucky enough to receive the keys to their new home immediately after the closing.
When is the Actual Move In Date? The offer will specify not only your closing date but also your occupancy date. When you write an offer on a home, the real estate agent will ask you to request a closing date as well as an occupancy date. The occupancy date will be the day that you move into your home. In some cases, the sellers may need more time in the home after closing while they finalize the purchase of their future home.
The contract terms will determine when you can move in after closing. In some cases, it will be immediately after the closing appointment. You will receive the keys and head straight to your new home. In other situations, the seller may request 30, 45 or even 60 days of occupancy after the closing of the home.
Keep the following in mind as you approach your closing:
- Compromise is important when determining your moving date. Buyers generally might be expected to give the sellers 7 to 10 days to vacate the home after the closing date. Sellers may want more time in the home, but they can compromise by securing a place to stay for the short-term while they finalize their own situation.
- Your occupancy date cannot be changed once it is set. It is essential that the moving date is established in the contract terms. Once both parties have signed the purchase agreement, the moving date is finalized. A buyer or seller cannot come to the closing appointment and expect to change the date of occupancy in the home.
- A lease back occurs if the sellers seek to occupy the home for a specific period after the closing. When this situation occurs, the sellers often will have to pay the buyers rent. The buyers are ultimately responsible for the finances of the home, which is why rent is expected from the sellers.
The closing date is the most important part of the real estate transaction. This is the appointment where the sale of the home is finalized. After the closing is complete, the buyers are now the new owners of the home. Whether you receive the keys to your new home at the end of the appointment, or in a few more weeks, you will be excited and elated when the closing is complete.