When do I get possession of the property?

In most cases, possession transfers to the buyer after the full purchase price has been paid and the parties agree that the buyer can take over the property.  

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Typical arrangements:

• Possession is granted on the day of closing, after the seller confirms receipt of payment and keys are handed over; or
• Possession is granted on an agreed calendar date (for example, allowing the seller a short period to move out), provided the price has been paid  

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The contract should clearly state:

• When possession passes
• In what condition the property will be delivered (vacant, furnished, with or without tenants)
• Who is responsible for utilities and costs up to and after that date  

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Until possession passes, the seller is usually responsible for care of the property and ongoing costs, unless agreed otherwise.