Profile picture for Shannon_Sullivan

Giving possession 30 days after closing, what rights do I have?

  • March 17 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for Ofe Polack
If you are the seller, the most likely recommendation is to rent from the buyers.  Since this is not the conventional way, which is usually immediately after closing, you need to work out the details in writing before closing.  Can you elaborate and let us know why does the occupancy has to be delayed for 30 days after closing?
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Another option as seller is to suggest a delay in closing date and you (as seller) pay the extra costs the buyer may incur (such as housing, rate lock extension costs etc).

  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Shannon_Sullivan
Seller
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Are you the seller or the buyer?
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you are the buyer, you can rent back to the seller at your new PITI for the 30 days.  I would also suggest you include a deposit that stays in escrow until you agree to release it after your final walk through once they have vacated.
If you are the seller, you can ask to rent back at the buyer's PITI and may be asked to reserve a refundable deposit released after their final walk through.
Regards,
Suzanne
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Are you the seller, and don't wish to vacate for 30 days after closing?  If you can find a buyer to agree to that arrangement (very rare), then most likely you'll have to pay expenses as renter.   This would not be a traditional rental, so the details would need to be worked out between you and the buyer.      If I were the buyer, I'd hold back substantial amount of the payment (say $20,000 to $50,000 in escrow ) until you were out of the house with no damage. 
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You have allot of rights- you can review your Purchase agreement with your Realtor. Some area's recomend an esrow set up
  • March 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.