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Answers (13)
- Pamela Jahn, "Pamela Jahn"
- Contributions:85
I strongly advise against it. The best way to handle it if it's possible is to extend the closing (as stated previously) to a later date via an amendment. Avoid a short term rental agreement. Renting the house could end up in a situation you don't want to deal with. They could end up not paying you any rent and squat there for months on end. It could take a year to get them out and in the meanwhile the house is deteriorating and you won't be living in the home you bought not to mention you would be paying a mortgage and letting them live free. Good luck!
- Theresa Lussier, "Theresa Lussier"
- Contributions:191
If you have a Buyer's Agent looking out for your interests, they should be able to write an Occupancy Agreement that will cover the stay in detail. You do not want to assume anything, and you do want to get everything in writing.
In addition, speak with your lawyer about how to protect yourself.
In addition, speak with your lawyer about how to protect yourself.
- Jessica Dodge, "Jessica Dodge"
- Contributions:9
Make sure that you collect the "rents" at the closing table along with a lease deposit.
- IloveLI
- Contributions:168
I try to discourage it, however sometimes it's done. I have a situation now with 4 closings that have to be coordinated, one in another state, and there will definitely be possession arrangements in a couple of the houses. Usually some money is held in escrow in case of damage.
- Ginger Demonbreun, "Fla_re"
- Contributions:36
I may depend on which state your in, but generally this is usually a big no, no, I agree with changing the closing date or in the very least, withhold a substantial amount of money. Several things are possible givent this situaton. The insurance company has most likely issued the policy based on owner occupied only and if something were to happen they might give you a difficult time; if you do not withhold any funds there is no motivation for the seller to move; you have no way to gaurantee the condition of the property when they do move out; and if worse comes to worse the courts are so tied up with other matters, it could take a long time to get any kind of relief through the courts.
Food for thought!
Food for thought!
- Thomas Woodring, "Tom Woodring"
- Contributions:67
If at all possible...avoid this! Postpone the closing until the sellers are out of the house and you can do a pre-settlement inspection of the home. Too many things can go wrong.
- wetdawgs
- Contributions:26762
"rent back" is always tricky and there are a lot of risks. At first it seems like a shoulder shrug "oh well" sort of issue, but if they don't get out then you get into a whole bunch of legal issues about eviction. In addition, home owner's insurance is for coverage when you are living there and covering someone else may not be included.
I'd change the closing date, or if that isn't possible, withhold a huge chunk of money until they get out without damage to the premises. (What is a huge hunk? Perhaps 10 to 20% of the cost of the house).
I'd change the closing date, or if that isn't possible, withhold a huge chunk of money until they get out without damage to the premises. (What is a huge hunk? Perhaps 10 to 20% of the cost of the house).
- workabee
- Contributions:1030
No way. Move the closing date, but don't do the rent back or you may have to evict them if they don't go. It does not benefit you anyway, it only benefits the seller. If your agent tells you different they are lying. Get an agreement for the rent back with a hefty financial penalty if they fail to move out on time in case it goes wrong.
- Dennis Herman, "Ez1Realty"
- Contributions:137
The State of Wisconsin standard Offer to Purchase Contract has provisions to handle pre/post occupancy. There are certain risks involved for both parties. These risks should be discussed with your agent. This is why it is important to make sure you, the buyer is property represented. A wise buyer will sign a Buyer Agency Agreement with an agent before writing an Offer to Purchase.
- Ofe Polack, "Ofe Polack"
- Contributions:1412
The best solution is to move the closing to accommodate the seller, otherwise have your agency draft a document that makes the sellers responsible for any damage which may occur during their stay. One or two days may be OK any longer....becomes a rental with a per diem attached to it. Please, also check on the insurance, it is my understanding that the insurance is for your occupancy, otherwise the insurance is higher since it is occupied by a tenant not the owner. Truly, it is easier to move the closing date!
- nealadler
- Contributions:199
Most contracts cover the seller remaining in possession after COE, it's not uncommon to let the seller stay 1 or 2 days after COE to get ready for the move. In my experience anything beyond 3 days you might want the seller to pay a per diem. Check with your agent.
- Dan, "the_country_hick"
- Contributions:4684
I would hold the check ( have it post-dated) for one day after they leave. At least for the day they will go. It can be part of the contract. That way if they do any damage you have leverage. Otherwise they could trash the joint and without something in the contract you will have no help.
Why not just make a simpler concession. Move up the closing day to the same day they leave? The extra time does not matter to you, it should not to anyone else either. It also has the major advantage of giving you 1 or 3 or 20 days of not paying interest on a loan for a place you do not yet own and occupy.
It is much simpler and easier to move your timetable to accommodate their needs for time than to pay interest for a place you do not have yet, well, not really have as they are still there.
Why not just make a simpler concession. Move up the closing day to the same day they leave? The extra time does not matter to you, it should not to anyone else either. It also has the major advantage of giving you 1 or 3 or 20 days of not paying interest on a loan for a place you do not yet own and occupy.
It is much simpler and easier to move your timetable to accommodate their needs for time than to pay interest for a place you do not have yet, well, not really have as they are still there.
- YourLocalHomeTeam
- Contributions:115
Was the home in good shape when you bought it? If so you shouldnt have to worry too much. In my experience if a seller takes care of it prior to closing they will take care of it afterwards.
Make sure you have an ammendment signed which states what happens if there is damage. Your agent should have it. Its called an addendum O.
Good luck with your closing
Brad Koenig
Make sure you have an ammendment signed which states what happens if there is damage. Your agent should have it. Its called an addendum O.
Good luck with your closing
Brad Koenig
What do I need to do if I am buying a home and the seller wants to stay in the house for a few days?
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