That depends on your agreement when contracting to purchase. Possession is a negotiable point which can vary. There is no hard fast rule. If possession is for the day of closing, then the sellers should be out no later then that day.
When I represent sellers, I always counter offers with 2 to 3 days possession at a fair rent after closing to make absolutely certain nothing falls through prior to closing. Sellers that move out early may find themselves paying for two places if the sale of their home terminates after they have moved out.
I have seen a buyer get fired from his job on the day of closing. It may be under contract but is not SOLD until it is closed which is the carrying out the terms of the contractual agreement.... more