Profile picture for 1Plumber

Should I allow the seller to occupy the residence for 5 days after the closing date?

  • April 28 2010 - Joplin
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Answers (8)

You as the seller/landlord have to have a comfort level with who they are and what their intentions are and that they truly only will need that short time frame and can pay you in advance for a "refundable" fee if they perform....  You would also want to have an agreement to rent /lease in place, even though it is only intended for a week;   You want all terms spelled out and want proof of their insurance coverage limiting your exposure. 
It is certainly a risk but when it works it is a nice arrangement when it has to be done if all parties are in agreement and nothing goes awry... which is most of the time ! 
Good Luck !

  • April 29 2010
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This is not a good idea.  Prior to making this type of commitment check with your insurance company to make sure you will be covered as a rental.  Even though the intent is only 5 days, what if it turns into 6,7,8.  What if the Sellers do not move promptly?  Will you need to evict?

This also could affect your mortgage.  Will your mortgage company decide this as not a primary residence?
  • April 28 2010
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Profile picture for wetdawgs
I wouldn't.

1.  Should they not vacate the premises, then you have to go through the legal steps of eviction that can take months and months.

2.  You don't have a chance to walk through an empty house before closing.
  • April 28 2010
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Profile picture for nwhome.us
The issue is whose insurance company covers a loss.
You own it, but you don't occupy it.
The old seller occupies it, but they don't own it.
The rental agreement is for the insurance company's benefit.  Can you imagine trying to describe the situation to an insurance company (in your own words) if the place burns down and you don't have a rental agreement?  I've had it happen. 
And unless you have the arrangement in writing and the insurance companies have been notified, your personal description is going to go nowhere.
  • April 28 2010
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This shouldn't be a big deal. Just make sure the title company knows abou this so they can prorate everything for those 5 days, and you could negotiate for some rental $$$

  • April 28 2010
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Profile picture for zoeboesmom
yes --- with a rental agreement for those days. 
  • April 28 2010
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if they cover PITI for the buyer, you should be ok with it. You should have them sign a lease to limit liability
  • April 28 2010
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Profile picture for SoCal Engr
You can, but there should be explicit conditions and dates spelled out. You will be the owner, and have all the liability/exposure that implies when letting someone "camp out" at your house. These types of agreements can be documented as part of the overall sale.
  • April 28 2010
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