Definition
The possession date is when you get access to the property and can move in. Usually it's the closing date, but sometimes the seller rents the property back temporarily.
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The possession date is when the buyer gets access to the property and the right to occupy it. In most residential transactions, possession date equals closing date, but they can be different. For example, the seller might retain possession for a few days after closing to move out (called a rent-back or occupancy agreement). Possession date specifics should be clearly spelled out in the contract to avoid disputes.
Pro Tip
Clarify possession date. Make sure you know when you can move in.
Example
Possession transferred to the buyer at closing on April 15th.