What happens if the utilities haven't been switched over by the time I take possession?

A short gap between taking possession and the utility accounts actually being switched into your name is common, since utility providers have their own processing steps that don't always line up neatly with a closing date. In the meantime, the seller's name often remains on the account, and bills may keep arriving under it even though you now occupy and operate the business.

This is normally handled two ways at once. First, the statement of adjustments should apportion utility costs as of the closing date regardless of whose name is technically on the account, so the seller isn't paying for your usage or vice versa. Second, it's worth having your lawyer confirm any reimbursement arrangement for bills that arrive in the seller's name during the transition, so nobody assumes the other side is simply covering it. Practically, contact each utility provider yourself as early as possible before closing to start the transfer, since waiting until possession day often means a longer gap than necessary.