Definition
Your right to occupy and control the property, typically transferred at closing. Possession includes the right to exclude others and maintain the property as you choose.
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Possession is typically transferred at closing, though some contracts may provide for delayed possession or allow the seller occupancy after closing. Possession gives the buyer control of the property and responsibility for maintenance and property taxes. Insurance should be active on the date possession transfers.
Pro Tip
Confirm the possession date in your purchase agreement. Usually it's the same as closing, but verify.
Example
Possession of the property transferred to the buyers at closing, and they moved in that evening with the keys in hand.