It doesn't pay to get too specific at this point because there are a lot of entities involved and lots of schedules to coordinate. Buyers who are acquiring a mortgage to purchase the property generally try to schedule the closing toward the end of a month. The reason behind this is that they often get one month without a house note. For example, if you close on Nov. 27, the first house note may not be due until January. Possession is another interesting facet of the offer.
Possession is when the new owners actually move in.
Of course, the seller pays the buyer rent for any days he or she remains in the house after the closing, and this rent is detailed in the offer. The reason this is so wonderful is for the seller's peace of mind. In the traditional method of possession, the seller moves out of the house and turns over the keys at closing. It doesn't happen often, but it does happen. The sellers now have all their belongings elsewhere and have to put the house back on the market.