Possession Day – What You Need to Know

This is the day you’ve been waiting for: possession day. Everything is packed, paperwork has been signed, and the great, big “sold” sign on the front lawn has been taken down. Now you get to begin the process of settling in and transferring over all your worldly possessions – almost. There are a few items of business that need attending to before you can officially lay claim to your new home.

Before You Get the Keys

Most contracts state that you will receive the keys at noon on the possession day, but this is an estimate at best. In order for that to happen, the seller needs to receive the money and review the accompanying instructions. Your lender, or financial institution, will send the money and instructions to your lawyer in the morning. These will then be couriered or otherwise brought over to the seller’s lawyer for review. When this has been accepted, they will contact your realtor with the confirmation and information on how and where to pick up the keys. Once the keys are retrieved, your realtor will typically meet you at your new home.

Realtor & Buyer Walkthrough

It may be tempting to grab those keys and immediately signal the movers to start hauling your stuff inside but resist the urge. First, you should take a look through the home to determine if it is in substantially the same condition as when you submitted the offer of purchase. Attached goods, appliances, and anything else included in that offer to purchase should be present and in the same condition. Furthermore, make sure to check that all included appliances are in good working order.

Possible Considerations

The official possession can only take place after the money is secured by the seller. Because of this, any mistakes or last-minute adjustments can lead to delay. If this extends past 5 pm, possession could be moved to the next business day. This can cause issues if the original date was set for Friday. To be safe, see if it is possible to opt for possession on a different day of the week. When it comes to the walkthrough, it may be worth it to ask your realtor about a prepossession inspection. These are often done the day before or the morning of so you don’t walk into any surprises.

Possession day will likely be the most exciting day in your homeownership journey. Minimize your stress levels by speaking with your real estate team about what else you can expect on that day. After all, your entire team of professionals, including your trusted broker at Source Mortgage, is rooting for you!