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phloofy11 | Do you have to move out on or before closing on a house or can you set a date afterward? |
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jimhm3
 |
if you can agree with the buyer you can set anyday to move out. its up to you and the buyer |
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Superman P
 |
I bought a property and allowed the sellers 3 days to move out after closing. I also held $1,000 of the seller money in escrow until they moved. This worked out fine. |
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SouthJerseyGuy
|
Depends. Typically, yes, the sellers must vacate the property before settlement (aka closing).
Per tradition, once a house is transfered from seller to buyer, it's the buyer's house and under his rules. The buyer should not be subject to the liabilities associated with the seller's personal effects which remain in the dwelling.
However, if there are extenuating circumstances, both sides can negotiate, I'm sure. |
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J~Me
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I don't know. |
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Bullwinkle Moose
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If the buyer is looking to be a landlord you can rent their house after the closing if it is available. |
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realestatelawyer
 |
Unless you have made an agreement with the buyer, you are expected to be completely moved out of the house when you hand the keys to the buyer at the closing. Very often the buyer and seller will make an agreement for the seller to move out after the closing, either within a few hours or a few days. But don't wait until the closing to try and make an agreement with the buyer. This should be discussed with them as early as possible. |
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bostonianinmo
|
I bought a home in Texas in 1990. The seller thought that he had 90 days to move out even though the agreement clearly stated "posession at closing." My wife and I went over to the house after closing to find that he hadn't so much as packed a suitcase.
He showed up a couple of hours later and threatened to call the police, claiming that we were trespassing. I told him to go for it and waited in the kitchen for the cops who arrived about 20 minutes later.
He was screaming and yelling that we were trespassing on his property. I showed the cops the closing papers and they advised him that HE was trespassing, not us. He rose such a stink that I told the cops to go ahead and arrest him.
I wanted to just throw his things into the street, but the cops advised me that I couldn't do that; I needed to get a lawyer and start eviction proceedings. It took me right at 30 days to have him evicted.
Meanwhile, I was holding over in my old apartment paying double rent AND had to make the mortgate payment at the end of the month on the new place. I had to file in small claims court to get my expenses back.
Barring an agreement that states otherwise, you MUST be out of the house at closing or you are trespassing and are subject to eviction. |
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drunkbomber
 |
you can set a date after word. If the buyer agreed you could live there for another year. Its all up to the agreement you made when you sold it. |
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wonderwoman
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If the buyer agrees you might be able to stay a while longer while you find something else, but you will have to pay the rent (mortgage) for the time being. |
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Holy Cow
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Unless you made a written agreement with the buyer that states otherwise you need to move out before the closing date. After that you're living in someone elses house. |
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alsmithjpsnet
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You don't actually have too if you have an agreement with the buyer, but it is highly unusual. If it were me, you would have to pay a pro-ratad rental amount or lower the selling price. Remember time is money to both parties. When I closed on my current house, the owner wanted to stay a little longer but I said no deal, once we had closed they had to be OUT! |
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attorney_johnson
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Standard real estate contracts call for the seller to "deliver possession" at closing (which means move out). If you have already signed a contract, you are stuck with the terms, unless you can convince ($$$) the buyer to agree to an amendment.
The contract addendum for staying after the closing is called a "post closing occupancy" addendum. This is really a lease where you are going to be the tenant and the buyer the landlord.
You and the buyer are allowed to come to any agreement you want to. Typically, you will accept the house in "as-is" condition, you will pay rent equivalent to the buyer's carrying costs, you will have funds withheld from the sales proceeds to cover a security deposit, and possibly the rent too. Don't forget that your possession are no longer covered by insurance, as it switches to the buyer's policy as of the closing date. |
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Gabe
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if you do then you will have to an agreement with the new owners and most likely set-up some type of rent payment while you are still in the house |
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