As mentioned above, the seller will need to keep the house clean and be able to vacate the house during showings and … Our Partner Agents are top-rated in their local markets and have the experience you need to protect your rights during any negotiation. 3. The closing attorney will usually provide … When it is their money at risk, the opposite. Ready to find out what Clever can do for you? However, keep in mind that you can ask for significant concessions if the closing is delayed over and over or if the seller needs a long occupancy period. Since it’s not ideal (and may be expensive) to stay in the home after closing, the seller may decide to delay the closing instead. Sellers leaving some of their possessions in a house after the closing date can lead to conflicts with the buyer. Many agents don'tunderstand it but a tenant/landlord relationship exists - has the proper paperwork been filled out. A use and occupancy agreement should be completed before closing to specify how much additional time the seller has to finish moving out. That however, doesn't always happen. Keep in mind the closing date is in the sales contract that you have already signed, so changing the contract will take some negotiation. We are scheduled to close on 06/30/16, but the seller has contacted the realtor asking if there’s a possibility that she could stay in the house for 1 week after closing. So pragmatically looking at it, the seller has everything to gain while the buyer has really nothing. It is the last thing that usually happens in the home buying process, unless a special deal is made to allow the sellers to move out after closing, or for the buyers to get access to the property prior to closing. We use cookies to make the site easier to use. Buyers and sellers generally agree to this arrangement when the seller is not ready to move— a more frequent occurrence these days. This can lead to major buyer headaches because once the home closes, the agent's are finished. This form states that not all the “cash” that is due the seller at closing will be given to them at closing. Hank consistently ranks in the top 1% of all agents in the metro Atlanta area. From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate. Smart Solutions to Keep Everyone Safe and Happy. That means, of course, that most defects you might find withing a home will not make the seller legally liable to you. If things go on too long, you may decide that you don’t want to deal with more delays. "Should Sellers Stay in the House After it Closes?" Such a scenario should be avoided as much as possible. The list of potential issues and problems are many and some of the more obvious ones include: There are many more potential issues, almost all landing on the plate of the buyer. As you draw closer to closing, your seller might ask to stay on the property a little longer. Sellers frequently ask for time to move AFTER closing and while this benefits them, there is no benefit to the buyer. If the seller doesn’t move out at the agreed-upon time, you can take legal action against them. Clever’s Concierge Team can help you compare local agents and find the best expert for your search. I want to be accommodating, but the thought makes me nervous. Most insurance companies want renter insurance. Being a “holdover seller” puts them in violation of the sales contract. This seems like trouble waiting to happen. I have emailed my MC to ask but maybe somebody here has gone thru that before. Allowing the seller to stay in the house after completion. He is a well-known blogger and continues to guest write for multiple industry publications as well as national outlets like the WSJ, NYT, RE Magazine, USA Today and others. If you want to have peace of mind during your home transaction, be sure you work with a skilled realtor like a Clever Partner Agent. 3. When buyers let the sellers stay, they often withhold a substantial amount of the purchase money as security. Your occupancy date cannot be changed once it is set. But many times moving dates don’t line up perfectly, so you’ll need to find out how long they need after closing to get out. A Clever Partner Agent will protect your interests during negotiations. This is a more common request than many realize and it can quickly become something that derails an otherwise solid contract. It’s much easier to resolve this upfront than to try to extend closing later on. Are you a top realtor? 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