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Old 02-19-2019, 10:36 AM
bagboy bagboy is offline
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Possession is a negotiated item in a real estate purchase agreement. It can be anywhere from "at closing" to a later, predetermined date. Anything over 10 or 15 days should include financial consideration for the buyer. There should be a final walk through by both parties the day of possession. Real estate purchase agreements are an unemotional contract. Terms and conditions are all spelled out and negotiated before both parties sign it.
The good faith deposit by the buyer is placed in escrow, and will be forfeited only for non performance by the buyer. It won't be used for repairs/cleaning etc. Keep in mind, in most cases the seller does not know the buyer. It's happened many times that a seller has cleaned and vacated the property only to have a buyer fail to close the deal, for whatever reason. Hence, possession a few days after closing is a very reasonable condition of the agreement.