What does possession DOD mean when purchasing a house?

Answer 1

Possession DOD, or "Date of Possession," refers to the specific date when the buyer is allowed to take physical possession of the property after the sale is finalized. This date is typically outlined in the purchase agreement and may differ from the closing date, which is when the ownership legally transfers. It's important for both parties to agree on this date to ensure a smooth transition and avoid any potential conflicts regarding occupancy.