Back to Results
I previously posted a question related to my buying situation. It will be a rentback for some days somewhere in bay area, CA. In our contract term, it says the rent is our PITI. Our PITI starts to kick in at COE. However, my agent told me that seller/tenant won't pay any PITI until the next day after our COE. For example, if our COE is 7/15. Our loan will start counting at 7/15. However, we can only start charging seller/tenant from 7/16, not 7/15. I also asked him if seller need to pay their existing mortgage on 7/15. he said no. It is just us paying our mortgage at 7/15. It just does not make sense that we can't charge rent on 7/15. Let me know if my question is not clear. Thanks in advance.cy
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
This is an old post but this is a question that pops up all the time - most recently on a closing I had last week. The answer is that PITI is paid on a ddaily basis for each 24 hour period that the seller is in occupancy. You ccan't count a 24 hour period until after it is over so the first day starts the day you close but finished the day after that. That is day 1. It is the same thing with your mortgage because when you make your mortgage payment you are actually paying for all the interest and principal that accrued the month prior to the payment being due. And the banks collect from the date they fund - which is normally the day before you actually own the house. So your agent is correct.
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.