What is possession of the property based on in the Utah approved Real Estate Purchase Contract?

Possession of the property in the context of the Utah approved Real Estate Purchase Contract is based on the completion of closing. Closing is the final step in a real estate transaction where the title of the property is transferred from the seller to the buyer, and all necessary financial transactions, such as the payment of the purchase price and any closing costs, are completed.

Once the closing occurs, the buyer typically receives the keys and is officially granted possession of the property. This step marks the transition of ownership, making it the pivotal moment when legal possession is conferred. Other options, such as inspection completion, default resolution, and financing acceptance, involve critical steps in the transaction process but do not directly relate to when possession of the property is granted. Only after closing is the buyer able to take occupancy and begin utilizing the property as their own.