The last step in purchasing a home is called possession, the part where you get the keys and the prior homeowners have moved out, leaving you finally in your new place, right on time. At this point, after doing everything right, the last thing you want is a delay.

In some cases, though, a seller might appeal to your generosity with a perceived need to stay a little longer. You're not a heartless person, and you're tempted to think it's just a small favor. Wait. You can approve or reject that request -- it is entirely your prerogative -- but before you make your choice, there are some things to remember.

Requests for Delay
Sometimes just before closing, a seller may ask the buyer for additional time in order to take care of vacating the house, or to clean up loose ends related to the move. While such a request may seem perfectly in order, a buyer should consider it cautiously. If the buyer chooses to allow the request for extension, they should, at least, be made to pay a fee for the extra time.

There must be a definite limit on the time the seller can stay in the property beyond the closing of the contract, and it must be in written form. A clear agreement between the buyer and seller containing the specifics of the after-closing possession benefiting the seller can be drawn up by the real estate agent.

The seller may attempt to force the situation by waiting until late in the process and then giving you little or no time to decide. If the seller announces at the closing or right before that he or she needs to stay longer, it is generally advisable to delay closing on the home until the seller can move out.

Once you buy a property, that property is yours and it is your responsibility. If the seller accidentally causes a fire on the property, it is your responsibility because you are the owner. The seller-tenant will have no financial accountability for the loss unless it is included in the agreement.

Sellers who retain possession after closing are less motivated to take care of the property and make repairs or do any maintenance that may be needed. When the deal closes, you accept it in the condition it is in at the time of closing.

Whatever damage that occurs after the closing is the burden of the buyer, without regard to who is on the premises. So if a sewer line backs up or the start leaking, you will end up paying out of pocket to repair it.

A frequent problem with the seller hold possession of the home past closing is that items that should remain with the home can disappear between closing and final possession. Even in this extreme case, the buyer is responsible for the missing items.

When you are a buyer, you take on the responsibility of an investor in the home. It is safest to insist on possession at the time of closing, or to delay closing until the seller has entirely cleared out and the keys are in your control.

This content was furnished through Automated Homefinder, the Colorado Boulder home experts.