Contracts
What is 'possession' at closing and what issues can arise in Delaware?
AThe buyer takes possession automatically at signing of the purchase contract
BPossession is when the buyer receives the right to occupy the property — typically at closing when the deed is recorded and keys are delivered; issues arise when sellers need to stay after closing (post-closing possession agreements) or if the property is not vacant✓ Correct
CPossession always occurs 30 days after closing in Delaware
DPossession at closing is only relevant for new construction purchases
Explanation
Possession of a Delaware property typically transfers to the buyer at closing when the deed is delivered and recorded. Post-closing possession agreements (seller leaseback) allow the seller to temporarily remain after closing for an agreed period and rent. Issues arise when the property is not vacant (tenants, seller remaining), there is damage discovered at final walk-through, or the property is not in the agreed-upon condition at closing.
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