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Negotiate Seller Possession After Closing
As properties are being put under contract in record time, it is becoming more common to have buyers allow the sellers to stay in the home they are purchasing after closing. Sellers can remain in the home anywhere from a few days up until a few months to have time to secure their next home. This is an excellent opportunity because now there are no worries about packing up all of your belongings before heading out the door and into another house.
In the current market, possession after selling is a key point for many sellers, so if a buyer can offer them time, it may just beat out the competition. Bear in mind that a real estate closing does not always coincide with the recording of the deed because in some parts of the country, counties are weeks behind in recording deeds. In those situations, closing happens when the money changes hands, the deed is drawn, and all conditions of the contract have been met. In some cities, buyers do not get the keys until the title company has confirmed that the deed has been recorded.
If you agree to any delays in possession after closing, be sure the terms for any rent, utility payments, and other concerns are clearly spelled out in writing. Maintenance and insurance related issues are of particular concern and you should review these details with your lawyer.
