The closing date refers to the official transfer of ownership from the seller to the buyer. Once the sale is recorded with the local municipality and the funds have been received by the seller, ownership is transferred and the home officially belongs to the buyer.

What does occupancy at closing mean?

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.

How does occupancy after closing work?

A post closing occupancy agreement (also known as a post-closing possession agreement) allows a seller to continue to live in his home after settlement, under an arrangement where the seller is essentially renting the home back from the new purchaser.