Possession Day
On possession day, the homebuyer gains access to the property receives the keys, and assumes responsibility for the property's maintenance and any associated costs. It is typically the day when the funds are transferred, legal documents are finalized, and the title of the property is officially transferred to the buyer's name. To help you make the most of this important milestone, here are some tips to keep in mind:
Take a final walkthrough: Before taking possession, conduct a thorough inspection of your new home. Check that everything is in order, including fixtures, appliances, and any agreed-upon repairs or replacements. This is your opportunity to ensure everything is as expected.
Verify utilities and services: Make sure to contact utility providers ahead of time to ensure a smooth transition. Check that services like electricity, water, and gas are scheduled to be active in your name on possession day. This way, you won't experience any disruptions.
Document the condition: It's a good idea to document the condition of your new home on possession day. Take photos or videos of each room, noting any existing damage or issues. This can be helpful for insurance purposes and can serve as a reference in case any disputes arise later.
Review important documents: Take the time to carefully review all the important documents related to your home purchase. This includes the purchase agreement, property disclosure statement, and any warranties or manuals for appliances or systems. Understanding these documents will ensure you're aware of the property's details and your responsibilities.
Change the locks: For added security, consider changing the locks on all exterior doors. This ensures that you have full control over who has access to your new home. It's a simple step that provides peace of mind.
Update your contact information: Remember to update your contact information with relevant parties. Notify your insurance company, financial institutions, and any subscriptions or services tied to your previous address. This ensures that important communications reach you at your new home.
Celebrate and settle in: Lastly, take a moment to celebrate this milestone and settle into your new home. Moving can be a mix of excitement and stress, so take it at your own pace. Make the house your own and enjoy the process of creating a comfortable living space.
It's important to note that possession day may vary depending on local laws and practices, as well as the terms agreed upon in the purchase agreement. It is recommended for homebuyers to consult with their real estate agent or legal professionals to ensure a smooth and successful possession day.