A question for agents and others re the legal position as it pertains to the closing date
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Anonymous
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If a real estate transaction were scheduled to close on a specific date, at what time does the seller have to vacate the house? Would the seller be in compliance with a standard contract if he/she vacates by the end of the day or does it have to be the start of the day or before the closing or before the walk-through.
I am not asking what is customary but what is required by law under the standard RE contract not to be in violation of the contract. |
Anonymous
| Up until they hand the keys over at closing. That's pushing it, but legally they own the place until the papers are signed and the keys are handed over. |
Anonymous
| Possession passes to the new owners at closing or when the buyer’s mortgage lender disburses the funds, which usually happen at the same time. Lots of people negotiate a move out date, such as a week after closing. |
Anonymous
The Buyers will not agree to any sort of rent-back for any period however short. They insist on taking possession the day the transaction closes and want a vacant house. |
Anonymous
You make it sound like your buyers are being a pain in the ass. Maybe they are in a situation that doesn't allow them the time to wait for you to move your shit out. We were in such a place (at the end of our lease), and would not have agreed to it past a certain date. Maybe they have someone coming in after they close to redo the floors, or whatever. Anyway, it doesn't matter why because it's their house after you sign on the dotted line. Also, if you wanted rent back it should have been in your contract, not something you try to negotiate after the fact. Get a storage unit/pod delivered if you have to. They can store it for you at a warehouse. |
Anonymous
It's a seller's market, I would tell the buyers to suck a dick. |
Anonymous
You are reading too much into my OP comments. First, I don't question the Buyer's right to the house. It is a matter of when during the closing date it would be required by contract. Second, yes, the buyers are just being difficult but that is their right as far as when to expect a vacated house. |
Anonymous
Well there is a contract ....... |
Anonymous
| You need to be out the day before, so you can clean the place and hand over the keys. |
Anonymous
| You own the house and have a right to be in it up until you sign the closing paper. Then they own it and have a right to the house. If you want to stay I the house until end of day ask for a 4:30pm closing. |
Anonymous
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The buyers are not being difficult. You have a contract with them, you agreed to a closing date. The time to ask for a rent back or a later closing date was during the contract negotiations.
But, to be clear, they are not being difficult. They have an expectation you are going to do what you agreed to in the contract. |
Anonymous
No argument regarding complying with the contract .....and that is my question. What does the contract require? Vacate at the start of the day or have the house vacated by the time it closes as a PP just said? |
Anonymous
| If you want to be nice send them some links to month by month apartment options |
Anonymous
You have up until the time you sign the papers and hand over the keys. Typically this happens when you go to the close unless alternate arrangements are made. Why don't you ask your agent? |
Anonymous
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Don't the buyers get a last minute walk through prior to closing? If your crap is still in the house and, for whatever reason, they miss something that they would've otherwise noticed in a vacant house, that could be a problem.
I wanted the sellers out that day. We had shit to do and were planning on sleeping in the new house that night to get started early. |