Contracts
What does 'possession at closing' mean in a Nevada purchase contract?
AThe buyer gets the keys only after the loan is funded
BThe seller retains the property until after the buyer's first mortgage payment
CThe buyer takes possession immediately upon recording of the deed✓ Correct
DPossession is determined by the escrow officer
Explanation
When a Nevada purchase contract specifies 'possession at closing,' the buyer takes possession of the property upon the close of escrow — when the deed is recorded and funds are disbursed. Other arrangements (seller rent-back) are possible if negotiated in the contract.
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