But, it isn't your problem. Keep the following in mind as you approach your closing: Compromise is important when determining your moving date. I am about to sign a contract, but the seller wants me to agree that "Possession of the property shall be granted 3-7 days after closing". Seller wants max 60 days after closing before possession.My real estate agent says it's very common.I am concerned about the liability and damage. The rent should be your mortgage, taxes and insurance for one month divided by 30 days. One of the major issues being the condition of the house. During the touring, I know there is at least one tenant living in the guest bedroom, but I am not sure whether the seller or another tenant lives in the master bedroom. As a buyer you don’t want to show up 30 days after closing to find the seller trashed the house. Buyers and sellers generally agree to this when the seller is not ready to move—a more frequent occurrence these days. RR There are a few reasons why you should be cautious when considering possession. Before you entertain a 30 day possession after closing, why don't you ask them why the need such an unusual accommodation? Additionally, sellers who stay in possession after closing have a lower level of motivation to take care of the property and make needed repairs or do any maintenance. Any input is greatly appreciated.Thanks. Buyers generally might be expected to give the sellers 7 to 10 days to vacate the home after the closing date. I'm looking for any/all advice. Seller may remain in possession of the Property for a period of _____ days after the Closing (insert a number of days) until 5 p.m. on the last day (the entire period including any extension agreed to by Buyer and Seller in writing is referred to as the “Term”). When the deal closes, you accept it in the condition in which it stands at the time of closing. And if 30 days is the point you want him to leave, you can always increase the per day rent after 30 days to serve as a penalty to ensure he leaves. Our buyer wanted to close as his wife was due and we were not ready to get into our new place yet. You can put as much in escrow as needed to hold onto as a security deposit. The form specifies that it is intended for short-term occupancy (less than 30 days). Possession at time of closing. In other situations, the seller may request 30, 45 or even 60 days of occupancy after the closing of the home. Moving out date: Generally speaking, it is a good idea to include a date at least 2 days prior to your anticipated closing and request an inspection of the property to ensure compliance Penalties for not vacating: Clauses in the purchase and sale agreement can explain what monetary penalties the seller will face for not vacating the property Within your purchase offer you should have it in there that they pay you rent for each day they are in the house after closing. Some buyers will agree to rent-back agreements, where they will rent the home back to the seller for a few days after closing. Often times its a 30 day possession. We'd essentially be giving them free rent, plus be taking on risk the house is damaged between closing and possession. You don't understand their motives. A post-closing possession agreement allows a seller to remain in the apartment beyond the closing date. It is very common. The title company should keep a check in escrow to cover the rent payment. 02-08-2018, 07:23 PM That is the most simple solution. How should we work this out? TIME IS … One of the main virtues of the CAR treatment is that it recognizes and makes clear that the seller -- the former owner -- is now a renter, even if only for a few days. They may need the extra 30 days and have a good reason. Divide the mortgage and costs by 30 … You don't know these people. If occupancy is intended to be longer, then a "Residential Lease After Sale" form should be used. Thanks! I did this as a seller. The seller wants to have a possession date 30 days after when our desired closing date. Escrow to cover the rent payment agree to this when the deal closes, you accept it in the in. Remain in the apartment beyond the closing date to get into our new place.! Pm I did this as a buyer you don’t want to show up 30 days keep a check escrow... Intended to be longer, then a `` Residential Lease after Sale form. 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