The buyer and seller entered into the Arizona REALTORS® Residential Resale Real Estate Purchase Contract. Escrow is scheduled to close in two days. Both the buyer and seller have signed all of the required closing documents. However, the seller refuses to move out until he closes and “receives his money.”
Is the seller entitled to wait until he receives the sales proceeds before vacating the premises?
Unless otherwise agreed, the contract requires the seller to provide possession of the premises to the buyer upon the close of escrow. See Section 1(e). Close of escrow is in turn defined as the date of recordation of the conveyance deed from the seller to the buyer. See Section 1(d). The seller must therefore provide possession to the buyer upon the recordation of the deed and is not entitled to wait to actually receive his sales proceeds, which may take several days, before relinquishing possession.