When it comes to residential real estate, Possession is nothing but when someone starts being on the property. It can usually refer to some weeks or months after the owner sells the property and the new owner takes a position on the property.
The possession dates can always be negotiable between buyers and sellers, depending on the time required for the seller to move out to a new property. Sometimes it can be negotiated by offering a higher price to the seller who may feel it worth moving early. The possession date will be classified as followed:
Immediate Possession can happen only when the house is typically vacant, and the buyer can have the property as soon as the legal documents are processed successfully. Here, none needs to move out, and the only concern is to understand the legal and property records to be processed in the right way. Post this; the buyer can immediately shift to the property.
The Possession within 15 days also typically happens when the property is vacant. It gives some sufficient time for the documentation duties to be performed without any rush.
Possession within 30 days is one of the most common timeframes for someone to vacate the house and relocate wherever required. It gives ample time for families to pack their belongings and move out without missing anything.
The Possession within 45 days is generally done when there is a negotiation between the buyer and seller for 30 or 60 days. One can agree on the dates to make it convenient for both parties.
A 60 day possession time is also one of the most common timeframes chosen when someone wants to find or purchase a new property to move out. 2 months a period will be required for packing and getting all the property documentation work to be completed.
The Possession within 90 days is often chosen when a seller wants some time to find a new place to relocate and when the property has renters. The tenants have every right to serve a three-month notice period until the property cannot be sold to a new buyer.
It is important to note that possession dates should not be on holidays, weekends, or during times when banks or lawyer’s offices may not be open. Choosing this kind of date will create unnecessary trouble in terms of funds getting transferred or the documentation process.
Possession dates are an essential factor and most important when some plan to sell or purchase a property. Though this can be a negotiable decision among both parties, it always involves a cost factor because time is money.
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