Escrow & Title
In Montana, 'possession' of a property at closing is typically transferred:
A30 days after closing regardless of the contract
BOn the date and time specified in the purchase contract, often at closing✓ Correct
CWhen the seller moves out their personal belongings
DWhen the deed is recorded with the county
Explanation
The purchase contract specifies when possession transfers—typically at closing. Buyers receive the keys and take possession on the date and time specified in the contract, which may be at closing or on a different agreed date.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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