You have a contract in place, inspections are complete, and closing has been scheduled. When does the new buyer actually take ownership of your home?
In most cases, this happens at the closing table – typically at a local title company of the buyer’s choosing. Your house should be clean and your “stuff” already moved out. The buyer will do a walk-through a day or two prior to closing to ensure any agreed-upon repairs have been completed and the house is clean and ready for them to move in. Once all the paperwork has been signed by both the buyer and the seller, and the transaction has been “funded”, the title will transfer to the new owner.
Sometimes transfer of ownership can happen before you move out, in which case you will be paying rent to the new owners while you are still occupying the home. However, this is an exception and must be specified in the contract in advance.
