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Typically, how long will the buyer of a home allow the seller to remain there, after the closing date?
My closing date is June 06.
The buyer has already had my home inspected.
11 Answers
- real estate guyLv 77 years agoFavorite Answer
the correct answer is NONE.
As a buyer it is important to have the seller OUT of the house totally and to be able to inspect the house right before settlement to make sure it's in order, etc.
As soon as the buyer settles, the seller that is still in the property becomes a tenant and if necessary, the new owner will need to evict the seller.
If the seller HAD to be in the property after settlement, I would recommend to my client that they get a written agreement as to the term of the hold over and I would recommend that they also get 3 months of the new mortgage payment put into escrow.
- JudyLv 77 years ago
Keys are normally turned over at closing unless prior arrangements have been made for the seller to rent for a length of time from the buyer.
- ?Lv 77 years ago
They seller can only stay if they have a "lease back" agreement as part of the sales contract. It's not very common. If you can't move by June 6th, tell your agent you'd like to see if you can push back the closing date. The buyer may or may not agree, but you can always try.
- R PLv 77 years ago
That depends on the contract.
However, you will be paying to rent the house back from the new owner as long as you remain in possession of the house.
Source(s): FL landlord - How do you think about the answers? You can sign in to vote the answer.
- SlickterpLv 77 years ago
ZERO DAYS. Any intelligent buyer will not close without the home being vacant. If you are NOT out, you owe them rent.
- Cathi KLv 77 years ago
It is rare for the seller to stay at all. The house should be empty on close of escrow.
- mildred fLv 77 years ago
It can be negotiated in the house sales contract to pay rent to the new buyer.
- acermillLv 77 years ago
As a real estate broker, I always advise clients strongly to NOT close until the property is vacated, and can be inspected for possible damages by the buyers. Allowing occupancy after closing is simply asking for problems. Example. If the seller does not move out by the agreed date, you must go through a legal eviction process, since the seller is now a landlord.
- CarenLv 77 years ago
I would never allow that,,, they can do damage,, then what happens? What if they burn down the kitchen??